Aggreko strikes gold thanks to Beijing Olympics

Aggreko, a global supplier of temporary power and temperature-controlled air services, has delivered an interim pre-tax profit rise of 42% to a latest high of £68m.

The group’s performance at the Beijing Olympic Games was excellent said Rupert Soames, chief executive.

Aggreko’s shareholders might feel the latest results are so dazzling they lift the UK’s effective gold medal tally at Beijing from the much vaunted figure of 19 to 20.

The group’s latest financial results cover the six months to 30 June. Turnover ran to £410m (figure in comparable period last year: £320m).

Soames said: “Our contract for the provision of temporary power for the Beijing Olympics, one of the largest and most complex temporary power contracts ever undertaken, was executed flawlessly with over 140MW of power and 480 kilometres of cable installed in 37 venues, supporting broadcasting to over four billion viewers worldwide.

“We look forward to supporting the Paralympics in the coming weeks.”

Aggreko’s turnover in the first half from the Olympics ran to £10m and when the final totting up is done at the end of the day, the total turnover figure could reach £22m.

During the first half of 2008, Aggreko’s capital spend ran to £120m, compared with £80m in the same period last year, and it is expected that the capital spend for the full year will run to £270m.

Segmental analysis of Aggreko’s figures shows the following trading profits (before allowances for asset amortisation).

Local business:

• £21m – Middle East, Asia-Pacific and South America
• £12m – North America
• £5m – Northern Europe
• £4m – Continental Europe

International Power Projects:

• £31m