Aggreko expects revenues to fall by 100 million pounds in 2013
Temporary power provider Aggreko has said that it expects the revenues to fall by about 100 million pounds in 2013 compared to 2012.
Aggreko said that the main reasons for the fall in the revenues are lower military revenues in Afghanistan as well as uncertainty over some business engagements in Japan. The Glasgow-based group said that the international power business is expected to weaken in 2013. The absence of a major business opportunity such as the London Olympics of 2012 would also result in lower revenues in the coming year.
"After a year of strong growth in 2012, the economic environment we will be facing in 2013 is particularly uncertain in many of our markets," the company said.
According to estimates, the profit before tax of the company is expected to fall to about 355 million pounds from about 400 million in 2012. The company pointed out that its performance in 2012 has been as per expectations and its earnings per share expected to grow by at least 15 percent.
Shares of Aggreko fell 16 percent after the company announced its outlook for the coming year.