Aggreko share price: company reports Q1 performance

Aggreko Plc (LON:AGK) issued a trading update today, revealing performance for the period from January 1 to May 13 to be “broadly in line with last year”, with Q1 underlying revenue up four percent on an annual basis.

Aggreko’s share price had dipped 0.74 percent to 1,612.00p as of 13:46 BST today, lagging behind the FTSE 100 blue chip benchmark which had edged some 0.2 percent higher. Aggreko’s stock is still up nearly seven percent year-to-date, while annually the stock value is down 10 percent.
The Glasgow-based power- and cooling-solutions services company said sales on a reported basis for the first quarter of 2015 were up eight percent, benefiting from the strong dollar.
Aggreko reported seven percent growth in the Americas, 10 percent in Europe, the Middle East and Africa (EMEA), and a 13 percent decline in Asia, Pacific and Australia (APAC).
“Whilst it is early in the year and the market environment remains uncertain, we continue to expect underlying trading profit for the full year to be broadly in line with last year,” Aggreko’s chief executive Chris Weston commented. “We are making good progress identifying our business priorities and look forward to providing an update at the time of our interim results in August.”
The company said that it expects improving growth in Local business, but cautioned of uncertainty in the market, attributable to lower oil prices. Aggreko also reiterated its view that underlying trading profit for the first half will be lower than last year, with full-year results largely flat.
H1 results will be reported on August 6.
As of 14:31 BST, Thursday, 14 May, Aggreko plc share price is 1,615.00p.