Aggreko has made a strong start to 2009 with total revenues in the three months to 31 March 2009 growing by 42 per cent, the firm today revealed.
In a trading update to the Stock Exchange this morning Aggreko - which rents out generators, air conditioners and cooling towers - said on a constant currency basis group revenue grew by 17 per cent.
The international power division posted growth of 51 per cent, mainly due to an increase in the number of megawatts on rent against a flat performance for its local businesses.
Net debt of £327 million at 31 March was £94 million higher than a year ago, mainly due to currency movements, but £37 million down compared to the previous three months.
Aggreko said it had total debt facilities of £568 million and had recently completed £195 million of refinancing giving ample headroom to finance the needs of the business.
The statement said: “We expect to deliver a strong first half, despite what we anticipate will be tougher conditions in the local businesses.
“For the year as a whole, the outlook remains unchanged from the position we described at the publication of our preliminary results six weeks ago.
“That is that we expect trading in 2009 to be at similar levels to 2008 on a constant currency basis.
“If the sterling to US dollar rate were to stay at current levels for the rest of the year, reported results would show substantial growth over 2008.”