Aggreko upbeat on 2012 as it wins £50m Dominican contract

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

Separately, the company announced a 100 megawatt (mw) contract in the Dominican Republic valued at about $80m (£50m) over two years.

The FTSE 100 company, which provides generators to cover electricity shortfalls or power live events, said sales at both its Local and International Power Projects (IPP) businesses had risen 21 per cent in the first quarter.

Aggreko added that order intake at its IPP business remained strong, with a further 150 mw of new projects secured since March, when it reported 2011 profits ahead of expectations. It also said the trading was supported by the upcoming London Olympics a contract valued at about £50m.

“International Power Projects has made an encouraging start to the year and a healthy prospect pipeline means we expect to deliver strong growth for the year as a whole”, it said.