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Annual Results

Aggreko maintains divi despite fall in profits

07 March 2017 08:12

Aggreko's pre-tax profits fell in the year to the end of December and it expects them to be lower again this year.

The group's pre-tax profits before exceptional items fell to £221m - down from £252m in 2015 and in line with expectations.

Pre-tax profits post exceptional items fell by 24% to £172m.

The group said the low oil price affected a number of its markets, particularly North America but the full year dividend has been maintained at 27.12p per share, reflecting confidence in the strength and prospects of the group.

Chief executive Chris Weston said: "Whilst the trading environment over the last twelve months has been challenging I am pleased with the progress that we are making across the Group implementing our transformation programme to return the business to growth.

"We are investing in the right technologies to reduce costs to our customers; improving our customer focus and delivering the efficiencies we set out in August 2015.

"These improvements, taken with our market leadership, technical capability and the need for our products being as relevant as ever mean I am confident we are well on track to create a stronger business for the future."

Commenting on current trading and outlook, Weston said: "We expect to see growth across the group in 2017, augmented by incremental annualised cost savings of £25 million from the second half.

"However, this will be more than offset by the significant impact of Argentina and as a result we expect full year profit before tax and pre-exceptional items to be lower than last year."

At 8:12am: (LON:AGK) Aggreko PLC share price was -104p at 954p

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