Aggreko pledge to raise spending again

Aggreko, the company supplying power for next year’s London Olympics, pledged to ramp up spending yesterday after seeing further strong de- mand.

The Glasgow-based firm said underlying revenues have risen by 9 per cent so far this year while underlying profits were 17 per cent higher, though on an actual basis first half profits will be flat as last year featured contracts for the World Cup, Asian Games and Winter Olympics.

The group, which supplies mobile power generators, is to spend another £30m on new equipment for its international division, the second time its has increased its capital spending this year after a £70m increase in April, to take total expenditure this year to £420m.

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Aggreko, which was one of the suppliers of temporary power equipment to Japan after the tsunami earlier this year, said international demand rose by 22 per cent in the first half, while local business saw an underlying increase of 17 per cent.

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