New 75MW contract in Japan announced today will take first half intake past 700MW
Temporary power provider Aggreko says it expects to report a 15 per cent rise in underlying group revenue and a 20 per cent rise in trading profits for the first half to June 30.
The Glasgow-based company said it plans to increase its fleet investment by a further £50 million to £145 million for the 2012 year to meet growing demand.
Aggreko has also announced today it has secured a new 75 MW contract to Japanese utility company HEPCO.
This new contract comes just a week after Aggreko announced a new £161 million joint venture with a South African investment firm to supply 107 MW of utility power in South Africa and Mozambique.
In a trading statement published today, Aggreko said its International Power Projects division was expected to grow by 17 per cent year on year, excluding pass-through fuel and currency movements.
Order intake for the first half is now expected to exceed 700MW.
Aggreko's Local division is also expected to post double-digit growth for the first half, with Europe up nine per cent, North America 11 per cent and the International division's local business by 25 per cent.
Big events like the London Olympics and revenues from new acquisitions are expected to also bring in strong second half results, though margins for the full year are expected to be in line with 2011 figures due in part to higher mobilisation costs.
Aggreko said in today's trading statement: “While we think it likely that the weakening macro-economic environment will reduce our underlying rate of growth in the Local business in the second half, any weakness will be offset by the impact of the London Olympics and the Poit acquisition.
“On a reported basis, we expect to deliver strong growth in the second half.”