Aggreko Confirms Revenue Up 5%


LONDON -- The shares of Aggreko have slid 2.1% as of 8:30 a.m. EDT after the plant-hire firm said its first-half revenue had gained 5%.

Within an update covering the six months to June 30, the FTSE 100 member claimed its performance had been "in line with expectations." Profit for the half year, though, was at a similar level to that of 2012.

Aggreko revealed that revenue in America and Europe had advanced 11% and 8%, respectively, while sales in Asia and Australia had slumped a combined 6%.

Prior to today, City boffins were expecting Aggreko's 2013 earnings to drop from 101 pence per share to 92 pence per share and support a near-term P/E of 19. Of course, whether today's update, the current share price, and the wider prospects for the plant-hire sector all still combine to make Aggreko a buy is something only you can decide.

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