Aggreko unveils pre-tax profit of £74m

Aggreko, a global supplier of temporary power, temperature control and oil-free compressed air services, has enjoyed an upward bounce in profits, with the 2006 figure running to £74m.

Turnover in the 12 months to 31 December 2006 ran to £540m (previous year’s figure: £420m) while Aggreko’s latest pre-tax figure was well ahead of the £56m achieved in 2005.

Further expansion is on the cards as Aggreko paid £100m for GE-Energy Rentals, a rival in North America, in a deal that was only signed within weeks of the end of the year.

Integration is going well and is running ahead of plan.

Philip Rogerson, Aggreko’s chairman, said: “The acquisition of one of our largest competitors has strengthened Aggreko’s position.

“Trading in the first few weeks of 2007 has been strong and if current trends continue, we anticipate a strong first half. For the year as a whole, we expect to achieve a material increase in profits compared with 2006, and to be ahead of current market expectations.”

Segmental analysis of the 2006 performance shows that the biggest contribution came from the North America operations, with a trading profit of £34m on turnover of £160m.

The three other global segments chipped in with trading profits of £15m (Asia-Pacific, South America), £6m (Northern Europe) and £5m (Continental Europe).

Aggreko’s capital spend in 2006 ran to £130m.