Aggreko on course for solid year

Aggreko said it had made a strong start to 2009 with total revenues in the three months to 31 March 2009 growing by 42%, although this falls to 17% on a constant currency basis.

In its intermin management statement, the company reiterated its earlier guidance that it expects trading in 2009 to be at similar levels to 2008 on a like for like basis. If the current sterling-US dollar exchange rate stays at current levels for the rest of the year the company said it will show "substantial" growth over 2008.

The best performing area of the business was International Power Projects, which grew by 51% in the first three months of the year, which Aggreko said was "mainly due to an increase in the number of megawatts on rent, but we also enjoyed the benefits of year-on-year improvement in rates and a beneficial mix, with more gas-powered units on rent than in the previous year."

In its ‘local businesses', revenues in North America grew by 5% and in Europe and the Middle East were flat year-on-year.