Generating World Cup profits

POWER provider Aggreko said yesterday it expected its full-year pre-tax profit to rise 25 per cent after a strong fourth quarter, although its 2011 outlook was tempered by the lack of sporting events like the Olympics and World Cup.
By The Newsroom
Published 17th Dec 2010, 22:48 BST
Updated 17th Dec 2010, 22:48 BST

The Glasgow-based company, whose generators powered the soccer World Cup in South Africa in the summer, said it expected to report pretax profit of 305m on revenue of 1.22bn, up 20 per cent, for 2010.

It said about 90m of revenue from major events such as the Winter Olympics and Asian Games would not be repeated in 2011, but it nonetheless expected trading profit next year to be at a similar level to 2010.

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It also said it would accelerate investment in its fleet, increasing the number of generators powered by gas rather than diesel, with capital expenditure for the year expected to be 23 percent higher than in 2010.

Aggreko's other notable power provision projects have included the Glastonbury music festival, the Beijing Olympics and the 2008 European football championships in Switzerland and Austria.

Earlier this month it bought acquired US firm Northland Power Services, based in Gillette, Wyoming, which provides power solutions for the oil and gas exploration and production market.

Related topics:GlasgowSouth AfricaGlastonburySwitzerland