Scottish temporary power firm Aggreko reported a strong performance in the Americas and weak trading in Asia Pacific, but there was also success in its home city to celebrate in its latest annual results.
Glasgow-based Aggreko powered up the 2014 Commonwealth Games, providing 27 megawatts across the 29 venues and the international broadcast centre.
The company was also a key player behind the scenes at last year’s Fifa World Cup in Brazil, though other business in the country suffered the impact of subdued economic conditions and political uncertainty.
Aggreko said “successful execution” of the Commonwealth Games and World Cup generated revenue of £19million.
The firm – the global market leader – has also supplied power in the past for Glastonbury music festivals, Olympic Games, major golf tournaments, US presidential inaugurations and Eurovision Song Contests.
Towards the end of last year it signed a contract for the inaugural European Games in Baku, Azerbaijan, which will be held in June.
Since the year end it has been awarded the contract for the Pan American Games and ParaPan American Games, to be held in Toronto, Canada, in July and August.
Yesterday’s results from the firm, showing pre-tax profits of £289million on revenue of £1.58billion in 2014, were the first under the watch of new chief executive Chris Weston.
Revenue was up by 9% on an underlying basis, while profits were 2% lower after “challenging” trading conditions encountered in Asia Pacific and a £40million currency exchange hit.
Mr Weston – previously managing director of the international downstream division at Scottish Gas owner Centrica – took the helm at the start of the year, filling a job done by two interim chief executives since the departure of Rupert Soames early in 2014.
Now a few months into the role, Mr Weston said he had spent some time visiting “a number of our locations around the world and met many of our people”.
He added: “I am really enthused by what I have seen and heard. I plan to spend the next few months getting to know the business better and I look forward to coming back at our interim results in August to share my views on the priorities for the group in the next phase of our growth.
“At this early stage in the year, we are encouraged by the group’s performance. Whilst incremental mobilisation costs will impact first half results, overall for 2015, we currently expect underlying trading profit to be broadly in line with last year.”
Aggreko reported “little impact” from lower oil prices to date, but a possible headwind later in the year.