Downgrade to 'sell' for power hire business Aggreko

Investment bank Canaccord Genuity has downgraded its rating for temporary power hire business Aggreko to 'sell'.

Canaccord highlighted the continued slow conversion of prospects into sales, pricing pressure, currency headwinds and material contracts coming to an end as reasons for initiating a 'sell' forecast for the company's next two financial years.

In June of this year the company had a net debt of £552m with trading profit at £157m - down one per cent year-on-year.

Aggreko is the world's largest company of its kind as a major supplier of temperature control equipment, in addition to its rental operations. It's third quarter trading statement is due at the end of this month.