Proactiveinvestors United Kingdom Aggreko https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Aggreko RSS feed en Sun, 26 May 2019 11:54:57 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190502150310_14061383/ Thu, 02 May 2019 15:03:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190502150310_14061383/ <![CDATA[RNS press release - Results of AGM 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190425143708_14052314/ Thu, 25 Apr 2019 14:37:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190425143708_14052314/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190403141748_14027667/ Wed, 03 Apr 2019 14:17:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190403141748_14027667/ <![CDATA[RNS press release - Annual Report & Accounts 2018 & Notice of AGM 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190322091721_14012319/ Fri, 22 Mar 2019 09:17:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190322091721_14012319/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190318134746_14006110/ Mon, 18 Mar 2019 13:47:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190318134746_14006110/ <![CDATA[RNS press release - Notification of Change in Director's Details ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190307162120_13994598/ Thu, 07 Mar 2019 16:21:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190307162120_13994598/ <![CDATA[News - Aggreko on the front foot as 2018 results beat its expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/215899/aggreko-on-the-front-foot-as-2018-results-beat-its-expectations-215899.html Aggreko PLC (LON:AGK) said 2018 results met market expectations and exceeded its own guidance, supported by a strong performance in its rental business.

Pre-tax profit fell 4% on a reported basis to £182mln, hit by foreign exchange headwinds, but rose 10% on an underlying basis.

READ: Aggreko wins US$200mln 2020 Tokyo Olympics power contract

The supplier of temporary power generation and temperature control equipment generated revenue of £1.7bn for the year, up 4% at actual exchange rates or up 8% at constant currency.

The rental solutions business achieved a 22% rise in underlying revenue to £822mln, accounting for 52% of the total, driven by growth in North America where the group earned £27mln from hurricane-related work.  

The power solutions industrial unit delivered a 7% in underlying revenue to £424mln, boosted by demand in Latin America.

Underlying revenue in the power solutions utility unit, however, dropped 14% to £342mln due to off-hires in Zimbabwe, Bangladesh and Japan along with lower volumes and pricing in Argentina. 

Aggreko maintained its dividend at 27.1p per share.

Currency headwinds led to a decline in the return on capital employed (ROCE) to 10.3% from 10.7% but underlying ROCE rose 0.5 percentage points.

“With the wide-ranging initiatives we are implementing to improve our operational and capital efficiency, we are confident we can meet our mid-teens ROCE target in 2020,” said chief executive Chris Weston.

The outlook for 2019 is in line with market forecasts despite foreign exchange headwinds and the impact of the adoption of IFRS 16 accounting measures, the company said, adding that its performance will be weighted towards the second half.

Shares rose 1.09% to 739.20p in morning trading.

]]>
Wed, 06 Mar 2019 08:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215899/aggreko-on-the-front-foot-as-2018-results-beat-its-expectations-215899.html
<![CDATA[RNS press release - Results in line with market expectations ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190306070001_13991411/ Wed, 06 Mar 2019 07:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190306070001_13991411/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190207094114_13961737/ Thu, 07 Feb 2019 09:41:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20190207094114_13961737/ <![CDATA[News - Aggreko runs out of steam as City broker slashes outlook given ‘significant concerns’ ]]> https://www.proactiveinvestors.co.uk/companies/news/213058/aggreko-runs-out-of-steam-as-city-broker-slashes-outlook-given-significant-concerns-213058.html Aggreko PLC (LON:AGK) was one of the top fallers on the FTSE 250 after a City brokerage slashed its outlook for the temporary power supplier.

Peel Hunt said it “rates the Aggreko management team highly” but can’t ignore the fact that the business “continues to face a range of external challenges”.

As a result, it has downgraded the group to ‘reduce’ from ‘hold’ while it has also cut its price target to 700p (from 800p previously). It is now one of Peel Hunt’s ‘least preferred’ stocks in the sector.

READ: Aggreko wins US$200mln Olympics contract

“Management is performing well across tricky markets,” read a note to clients.

“The Q3 update provided some reassurance that Aggreko remains on track, but the ever-shifting challenges remain significant. We are wary that the fragile global macro-economic backdrop is likely to lead to customer hesitancy and greater off-hire risk.”

“Although self-help will mitigate some earnings pressure and support an improving return on capital employed profile, the pace of ROCE recovery looks to be under increasing external pressure.”

The analysts also have concerns over the utility business which appears to them to be in “structural decline”. Growing competition from generalists also adds further pressure on bosses.

At the end of last year, Aggreko won a US$200mln contract to provide temporary electricity systems at the 2020 Olympics in Tokyo. Peel Hunt said the award was "notable" but was already factored into guidance.

Aggreko shares, which had shown signs of life in recent weeks, dropped 4.5% early Tuesday to sit at 714.4p. Back in August, they were changing hands for almost 900p.

]]>
Tue, 22 Jan 2019 10:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213058/aggreko-runs-out-of-steam-as-city-broker-slashes-outlook-given-significant-concerns-213058.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181217163212_13906741/ Mon, 17 Dec 2018 16:32:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181217163212_13906741/ <![CDATA[News - Aggreko wins US$200mln 2020 Tokyo Olympics power contract ]]> https://www.proactiveinvestors.co.uk/companies/news/211202/aggreko-wins-us200mln-2020-tokyo-olympics-power-contract-211202.html Aggreko PLC (LON:AGK) has been awarded a US$200mln contract to provide temporary electricity systems to support the Tokyo 2020 Olympic and Paralympic Games.

The temporary power provider on Friday said the agreement would see it provide electricity generation and distribution systems to support the Tokyo games across 43 competition venues, ensuring reliable power for all venues and uninterrupted television broadcast to millions of viewers.

READ: Aggreko weak as Barclays cuts rating to ‘equal-weight’ from ‘overweight’

The FTSE 250-listed firm said the contract win reinforces Aggreko's confidence in its ability to achieve its mid-teens ROCE target in 2020.

The contract was awarded to Aggreko’s subsidiary - Aggreko Events Services Japan Limited.

"We are delighted to have secured what is one of the most prestigious event contracts won by Aggreko. Our experienced team will support the Tokyo 2020 Organising Committee to ensure our role in the success of the 2020 Olympic and Paralympic Games is flawlessly delivered,” CEO Chris Weston said in a statement.

Aggreko has a proven track record in supporting high profile events including this year's PyeongChang Winter Olympics, Gold Coast Commonwealth Games, European Championships in Glasgow and Ryder Cup in France.

]]>
Fri, 14 Dec 2018 07:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211202/aggreko-wins-us200mln-2020-tokyo-olympics-power-contract-211202.html
<![CDATA[RNS press release - Aggreko awarded Olympic supply contract ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181214070047_13903658/ Fri, 14 Dec 2018 07:00:47 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181214070047_13903658/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181205174425_13893163/ Wed, 05 Dec 2018 17:44:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181205174425_13893163/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181203170436_13889692/ Mon, 03 Dec 2018 17:04:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181203170436_13889692/ <![CDATA[News - Aggreko weak as Barclays cuts rating to ‘equal-weight’ from ‘overweight’, thinks stock now looks fairly valued ]]> https://www.proactiveinvestors.co.uk/companies/news/209284/aggreko-weak-as-barclays-cuts-rating-to-equal-weight-from-overweight-thinks-stock-now-looks-fairly-valued-209284.html Barclays put the boot into Aggreko PLC (LON:AGK) on Thursday, downgrading its rating to ‘equal-weight’ from ‘overweight’ as it thinks the stock now looks fairly valued.

The bank’s analysts also cut their target price for the FTSE 250-listed temporary power provider to 760p from 830p, with the shares trading at 779.60p in late morning trading.

READ: Aggreko reports trading in line with expectations as Winter Olympics and Ryder Cup lift revenues

In a note to clients, Barclays analysts said the investment case for Aggreko and achievement of management's targets depends on “a manageable decline in the Utility business with the Rental and Industrial segments able to compensate.”

They added: “Despite a relatively reassuring third-quarter trading update, we feel the ongoing weakness in the Utility business and more general concerns of slower global economic growth could make it harder to progress as expected in 2019 and 2020.”

The analysts continued: “As the valuation has recovered from what we considered excessively depressed levels earlier in the year we now believe it fairly reflects the opportunities and risks.”

They said they only made small changes to profit forecasts for Aggreko, but a tax-induced reduction to their earnings per share estimates and the recent de-rating of the peer group leads it to cut its target and therefore downgrade its rating.

]]>
Thu, 15 Nov 2018 11:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209284/aggreko-weak-as-barclays-cuts-rating-to-equal-weight-from-overweight-thinks-stock-now-looks-fairly-valued-209284.html
<![CDATA[News - Aggreko reports trading in line with expectations as Winter Olympics and Ryder Cup lift revenues ]]> https://www.proactiveinvestors.co.uk/companies/news/209073/aggreko-reports-trading-in-line-with-expectations-as-winter-olympics-and-ryder-cup-lift-revenues-209073.html Aggreko PLC (LON:AGK) said trading is in line with market expectations as the Winter Olympics in South Korea and the Ryder Cup in France helped lift its underlying revenues in the nine months to 30 September.

In a trading update the FTSE 250 group, which rents out power, temperature control, and compressed air systems, said underlying group revenue for the period (excluding currency and pass-through fuel) was up 11% on last year.

READ: Aggreko shares jump as HSBC upgrades the stock to 'buy'

In the Rental Solutions segment, which comprises 52% of the group, underlying revenues were up 26% with the north American arm growing 32% reflecting strong growth in the oil & gas sector.

Aggreko also said its Continental Europe business had had “a good nine months”, benefiting from the Ryder Cup golf tournament in France, while the Northern European and Australia Pacific businesses saw good growth and increased activity in the oil & gas and mining sectors respectively.

In the Power Solutions Industrial arm, about 27% of the group, underlying revenues rose 11% and were supported by the Winter Olympics in South Korea as well as oil & gas sector growth in Eurasia.

However, the firm said market conditions in the Middle East were “challenging” due to the blockade of Qatar, while underlying revenues in Africa were down on the prior year.

The only branch of Aggreko to see a decline was its Power Solutions Utility arm, about 21% of the group, which reported a 14% drop in underlying revenues due to lower volumes in Argentina and the continuing effect of off-hires in Zimbabwe, Bangladesh and Japan.

The company added that the overall revenue reduction in the business was primarily driven by lower volumes, with year-to-date average megawatts on hire down 15% at 2,691 MW (2017: 3,169 MW), reflecting an increased year-to-date off-hire rate of 35% (2017: 25%).

The group expected the full-year off-hire rate to be around 40%.

Looking ahead, the firm said it was on track to deliver its guidance of full-year profits in line with 2017, adding that it also expected to achieve “a small working capital inflow in the second half” with fleet capital expenditure now expected to be around £200mln, down from £246mln last year.

Aggreko added that it expected its year-end net debt/EBITDA ration to be between 1.2 and 1.3 times.

In early trading Tuesday, Aggreko shares were up 1.7% at 862p.

]]>
Tue, 13 Nov 2018 08:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209073/aggreko-reports-trading-in-line-with-expectations-as-winter-olympics-and-ryder-cup-lift-revenues-209073.html
<![CDATA[RNS press release - 3rd Quarter Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181113070012_13864235/ Tue, 13 Nov 2018 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181113070012_13864235/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181009112612_13821774/ Tue, 09 Oct 2018 11:26:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181009112612_13821774/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181004135849_13816983/ Thu, 04 Oct 2018 13:58:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20181004135849_13816983/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180821145957_13763376/ Tue, 21 Aug 2018 14:59:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180821145957_13763376/ <![CDATA[News - Aggreko shares jump as HSBC upgrades the stock to 'buy' ]]> https://www.proactiveinvestors.co.uk/companies/news/203297/aggreko-shares-jump-as-hsbc-upgrades-the-stock-to-buy--203297.html Aggreko PLC (LON:AGK) shares jumped after HSBC Global Research turned positive on the temporary generator specialist, saying it sees high risk but high reward on the stock.

HSBC upgraded Aggreko to ‘buy’ from ‘hold’ and raised its target price to 1,050p from 740p.

Earlier this month the company said it was on track to meet full year earnings expectations despite a 7% decline in pre-tax profit to £59mln in the first half due to higher fuel costs.

Revenues increased 14% to £857mln, with the rental solutions business (up 32%) leading the way. 

READ: Aggreko confident on hitting full-year numbers after "encouraging" first half 

Aggreko said it was confident it can deliver a return on capital employed “in the mid-teens in 2020 with potential for further improvement beyond this”. The company is in the middle of a restructuring and plans cost cuts of £50mln to improve profitability in the medium term.

“We think that much of Aggreko’s woes are of a cyclical nature, rather than structural,” HSBC said.

“The supply chain is supportive of expecting such a recovery, bar the risks from a trade war led disruption. If we are right, growth will return.”

HSBC said it expects a late cyclical improvement in the underlying business.

“If Aggreko moves from its current unloved status to the ‘new management turnaround of a fallen angel’ story, we expect the upside to be attractive,” HSBC said.

The bank said key risks include trade wars that may impair cyclical growth and receivables collection pace, along with contract churn, led by underinvestment.

Shares rose 4.9% to 884p in late morning trading. 

]]>
Tue, 21 Aug 2018 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203297/aggreko-shares-jump-as-hsbc-upgrades-the-stock-to-buy--203297.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180803140421_13743590/ Fri, 03 Aug 2018 14:04:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180803140421_13743590/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180801162850_13740350/ Wed, 01 Aug 2018 16:28:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180801162850_13740350/ <![CDATA[News - Aggreko confident on hitting full-year numbers after "encouraging" first half ]]> https://www.proactiveinvestors.co.uk/companies/news/201989/aggreko-confident-on-hitting-full-year-numbers-after-encouraging-first-half-201989.html The temporary generator specialist Aggreko PLC (LON:AGK) said it was on course to meet full-year earnings expectations after an “encouraging” first-half performance.

Reiterating its plan to deliver a return on its invested capital in the mid-teens by 2020, the company weighed in with a pre-tax profit of £59mln for the six months ended June 30.

The figure was down 7% year-on-year, but if you ignore rising fuel costs, which are passed on to the end user of the kit, underlying growth was 8%.

Revenues were £857mln, up 14% on an underlying basis, with the rental solutions business (up 32%) leading the way. The laggard was power solutions utility, where sales were off 15%.

Investors will receive a 9.8p interim payout – in line divi with this time last year.

On track to deliver full-year guidance

"These are encouraging results that keep us well on track to deliver our full-year guidance,” said chief executive Chris Weston.

“As we continue to execute on our strategy, we have also completed a comprehensive review of the group's expected performance over the medium term. 

“Based on this review, and the detailed action plans we have developed, we are confident that the group can deliver a return on capital employed in the mid-teens in 2020 with potential for further improvement beyond this."

The company is currently in the midst of a turnaround programme that will see £50mln extracted from its cost base.

The ultimate plan is to create a business with fatter operating margins that delivers a punchier return on capital.

]]>
Wed, 01 Aug 2018 07:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201989/aggreko-confident-on-hitting-full-year-numbers-after-encouraging-first-half-201989.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180801070002_13738748/ Wed, 01 Aug 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180801070002_13738748/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180724161632_13729744/ Tue, 24 Jul 2018 16:16:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180724161632_13729744/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180723163050_13728112/ Mon, 23 Jul 2018 16:30:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180723163050_13728112/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180709143212_13710857/ Mon, 09 Jul 2018 14:32:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180709143212_13710857/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180704171943_13706110/ Wed, 04 Jul 2018 17:19:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180704171943_13706110/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180702084703_13701127/ Mon, 02 Jul 2018 08:47:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180702084703_13701127/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180612165134_13676936/ Tue, 12 Jun 2018 16:51:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180612165134_13676936/ <![CDATA[News - Aggreko and Capita shares fall on Liberum initiation ]]> https://www.proactiveinvestors.co.uk/companies/news/198603/aggreko-and-capita-shares-fall-on-liberum-initiation-198603.html Aggreko PLC (LON:AGK) shares fell on Monday as Liberum Capital initiated on the company with a ‘sell’ rating and  Capita PLC (LON:CPI) shares fell as City broker initiated on the company with a ‘buy’ rating.

Liberum initiated on Aggreko with a ‘sell’ rating and £6.35 price target.

READ: Aggreko tumbles on Argentina and slow payment concerns

In a note to clients, analysts at Liberum said: “Our main concerns relate to the competitive pressures with its core business, as well as the level of recovery on its LT receivables alongside a continued deterioration in DSO.”

Meanwhile, Liberum initiated on Capita with a ‘buy’ rating and £1.70 price target.

The analysts said: “Although risks remain, we believe that the long-term value of its core business and client relationship are being overly discounted.”

“We are encouraged by management’s first steps towards simplifying the business,” the analysts said.

In morning trading, Aggreko shares fell 2.9% to 663.8p while Capita’s shares fell 0.45% to 155.70p. 

]]>
Mon, 11 Jun 2018 11:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198603/aggreko-and-capita-shares-fall-on-liberum-initiation-198603.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180606123910_13669465/ Wed, 06 Jun 2018 12:39:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180606123910_13669465/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180601104316_13663638/ Fri, 01 Jun 2018 10:43:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180601104316_13663638/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180529090635_13657840/ Tue, 29 May 2018 09:06:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180529090635_13657840/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180524114658_13654216/ Thu, 24 May 2018 11:46:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180524114658_13654216/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180524105718_13654014/ Thu, 24 May 2018 10:57:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180524105718_13654014/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180523171545_13652925/ Wed, 23 May 2018 17:15:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180523171545_13652925/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180504144502_13631030/ Fri, 04 May 2018 14:45:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180504144502_13631030/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180501130900_13625941/ Tue, 01 May 2018 13:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180501130900_13625941/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180501090048_13625354/ Tue, 01 May 2018 09:00:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180501090048_13625354/ <![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180426125514_13620258/ Thu, 26 Apr 2018 12:55:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180426125514_13620258/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180405123918_13593500/ Thu, 05 Apr 2018 12:39:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180405123918_13593500/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180403070008_13588387/ Tue, 03 Apr 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180403070008_13588387/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180326162721_13581837/ Mon, 26 Mar 2018 16:27:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180326162721_13581837/ <![CDATA[RNS press release - Annual Report 2017 and Notice of AGM 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180323085157_13578902/ Fri, 23 Mar 2018 08:51:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180323085157_13578902/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180315111721_13568454/ Thu, 15 Mar 2018 11:17:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180315111721_13568454/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180312165343_13563904/ Mon, 12 Mar 2018 16:53:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3278/LSE20180312165343_13563904/ <![CDATA[News - Aggreko shares drop as outlook for 2018 disappoints ]]> https://www.proactiveinvestors.co.uk/companies/news/192674/aggreko-shares-drop-as-outlook-for-2018-disappoints-192674.html Aggreko Plc (LON:AGK) shares were in decline on Tuesday as financial results, purportedly in-line with expectations, also included a downgrade to the outlook for 2018.

At £1.73bn the annual revenue figure was up 4% (though that excludes currency and pass through fuel impacts), meanwhile, operating profit was down 10%. The temporary power generator group reported a £195mln profit before tax and exceptional items, which was in line with expectations and compared to £221mln in 2016.

Aggreko told investors that it will maintain its dividend at 27.12p per share, as it highlighted stronger cash flow – at £450mln in 2017 versus £388mln in 2016. It also highlighted that the financial position remains strong, with the net debt to EBITDA ratio of 1.2 times maintained from the preceding year.

Outlook downgraded

At the same time, however, it guided that the current year’s performance will be consistent with 2017 which effectively represents a downgrade compared to market expectations.

UBS analyst Rory McKenzie suggested it ‘could imply a double-digit downgrade’ to the consensus profit forecast of £202mln.

“Although largely FX-driven, we think consensus downgrades are likely to be significant,” McKenzie said in a note.

Aggreko shares were down 50.2p or 6.8% changing hands at 673.8p.

Utilities division held group back

Chief executive Chris Weston pointed to strong performances in Aggreko’s rental and industrial power solutions businesses, but, acknowledged that the power solutions utility division has held back the group performance.

"Over the last three years we have stabilised the business, enhanced our service offering and positioned ourselves to prosper in rapidly changing energy markets,” Weston said in the results statement.

“We have delivered over £100mln in cost savings, invested in new systems and processes and developed new technology, all of which enables us to provide high quality solutions for customers.”

]]>
Tue, 06 Mar 2018 11:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192674/aggreko-shares-drop-as-outlook-for-2018-disappoints-192674.html