Aggreko forecasts strong 2012

City A.M. Reporter
Britain's Aggreko, the world's biggest temporary power provider, said underlying revenue had risen by more than 20 percent in the first three months of the year, putting it on track for further growth in 2012.

The company, which provides generators to cover electricity shortfalls or power live events, on Thursday said sales at both its Local and International Power Projects (IPP) businesses had risen 21 percent in the first quarter.

Aggreko added that order intake at its IPP business remained strong, with a further 150 megawatt (MW) of new projects secured since March, when it reported 2011 profits ahead of expectations.

"International Power Projects has made an encouraging start to the year; strong order intake coupled with a healthy prospect pipeline means we expect to deliver strong growth for the year as a whole," the company said.

It also said the current environment at its Local business unit remained favourable and that trading was supported by the upcoming London Olympics, a contract valued at about £50m.

Aggreko has in the past powered other high-profile sporting events, including the soccer World Cup, the Vancouver Winter Olympics and the Asian Games in 2010.

Separately, the company announced a 100 MW contract in the Dominican Republic valued at about $80m over two years.