Aggreko (AGK) trading “in line” but more expected!
The world leader in the supply of temporary power and temperature control reassured with its half-year trading update but many expect more from this highly valued group.
First half results are expected to be in line with management expectations with Group revenues in the first half (at an underlying and reported basis!) growing by approx 5% and trading profits at similar levels to the prior year. “Underlying” excludes the impact of the London Olympics, the Poit Energia acquisition, pass-through fuel and currency movements. I can’t quite fathom the emphasis on “underlying” as surely this business is always going to benefit from one-offs – that’s the nature of ‘temporary’ power after all! On the famous “underlying basis” the Americas region is expected to grow revenues by around 11%,…