LONDON (Alliance News) - Temporary power provider Aggreko PLC on Thursday said trading in the first quarter was in line with its expectations, though its markets remain challenging.
Underlying revenue for the quarter to the end of March was down 14% year-on-year, Aggreko said, with reported revenue falling 17%.
Rental revenue fell 9.0% in the quarter, with weakness in the North American market the main contributor, while Power revenue fell 10%, partly due to tough prior year comparatives due to the European Games falling in 2015.
Power Solutions Utility revenue was down 19%, partly due to the end of a contract in Panama.
"Performance in this first quarter has been in line with our expectations. Whilst some of the markets we operate in continue to be challenging I am encouraged by the order intake to date. Our guidance for the full year, of profit before tax slightly lower than 2015*, remains unchanged," said Chief Executive Chris Weston.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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