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Aggreko shares in double-digit slide as demand for generators tails off

Aggreko shares fell 12% this morning after the temporary power supplier reported a £30million drop in its first half profits amid a “difficult trading environment”. Aggreko, which has a manufacturing facility in Dumbarton, also stuck to its earlier guidance that profits for the full year would be slightly lower than in 2015. The company, which has provided rental power for major sporting such as the Commonwealth Games in Glasgow and the FIFA World Cup in Brazil, also said it had made 700 employees redundant worldwide as part of plans to achieve savings of £80million.


Powering the North Sea: protecting profit margins

Whilst the recent oil and gas decline is having a considerable impact on the local and national economy with employment and business confidence levels in particular taking a hit, this slump is also having detrimental consequences to the industry’s finances.


Aggreko takes a knock from oil and gas downturn

Aggreko said today its gains from petrochemical and refining customers since July 1 had nearly cancelled out an adverse impact from weakness in oil and gas. The Scottish temporary power firm added its “resilience” against a challenging market backdrop allowed it to maintain guidance for 2015 profits of £250-£270million, down from £289million on revenue of £1.58billion last year. Chief executive Chris Weston said: “Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making.”


Aggreko profits drop as it chief exec unveils new strategy

Aggreko has seen its pre-tax profits drop from £130million to £102million, affected by a number of factors including the slowdown in the North American oil and gas sector and civil war in Yemen. The power provider has created two separate business units which came into effect this month as it looks to adapt to market conditions. It said the move will include the “streamlining” of back-office processes and closing some depots.