ClickAJob News

Temporary power provider Aggreko has reported a 60 per cent rise in first-half pre-tax profits, with the company expecting further success as the global demand for electricity continues to outstrip supply.

In a statement today the Glasgow-based firm confirmed that its pre-tax profits climbed to £47.5 million in the six months to June 30th, up from £29.6 million for the corresponding period of 2006.

Aggreko said that a 33 per cent increase in revenues, which climbed to £317.5 million, had been driven by "record" levels of investment in new fleet and the successful integration of the GE Energy rentals acquisition.

The company, the electricity provider for this season's Super Bowl in the US, said that the most notable performance across the group had been achieved by its international arm.

Aggreko International reported a 68 per cent increase in revenues over the first-half, while the group's European business reported growth of 30 per cent. In North America Aggreko's revenues were also up 14 per cent.

In light of the strong performance the company said that it expected Aggreko's performance for the full year to be "well ahead" of market expectations.

Explaining the group's success Aggreko chief executive Rupert Soames said: "In many of the 90 countries in which we operate, there are power shortages caused by demand outstripping supply and ageing infrastructure; these issues will not be resolved quickly, and we foresee a growing need for temporary power."

He added that Aggreko was "well-positioned" to benefit from the growing demand for power, with the company boasting over 4,000 megawatts of generating capacity.