AGGREKO, the temporary power specialist, has hailed a strong performance by its dominant rental solutions division in the year to December 31, though profits dipped by four per cent to £182 million.
The firm's rental business, which has in recent months benefited from the recovery of the North American oil and gas sector, saw revenue increase by 19% to £822m, on an underlying basis.
However, revenue declined in the firm’s power solutions utility, by 14% to £342m, which Glasgow-based Aggreko put down to off-hires in Zimbabwe, Bangladesh and Japan, as well as lower volumes and pricing in Argentina.
Aggreko’s power solutions industrial division saw revenue grow by 7% to £424 amid strong growth in Latin America, Asia and on the back of the Winter Olympics in South Korea.
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