Aggreko reports better trading at start of year

POWER generation firm Aggreko has reassured investors today, revealing that trading picked up in the first three months of the year after a subdued end to 2012.

The FTSE 100 company, which rents out industrial generators for events and areas that lose power, said that orders had risen on the previous quarter and that revenues were up seven per cent year on year.

Aggreko's chief executive Rupert Soames had endured a terrible end to 2012, with shares sliding as it issued two profit warnings in as many months. The company had said that it expects 2013 to be less lucrative than last year due to the lack of contracts from events such as the Olympics.

However, the Glasgow-based firm revealed that contract wins in countries including Namibia and Mozambique had enabled it to meet management expectations despite slow trading in Europe.

The company said that previous forecasts of a six per cent fall in full-year revenues were unchanged.