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Power sales growth helps Aggreko

Rental specialist Aggreko has seen sales increase by 42 per cent in the first three months of 2009 compared to the same period last year, but this has mainly been on the back of major power projects.

The company specialises in providing temporary air conditioning, chillers and dehumidification equipment alongside power supplies and has seen group revenues grow by 17 per cent once currency differences have been taken into account.

However, this rise has been mainly based on the rapid growth of its International Power Projects division which has grown by 51 per cent.

In other areas base demand has remained either flat or has fallen – although business in the United States was helped by deals linked to the inauguration of Barack Obama.

The company said in an interim management statement: “Among the local businesses, revenues in North America grew by 5 per cent, benefiting from some carry over storm revenue and the presidential inauguration; the base business traded at similar levels to last year.

“Revenues in Europe and the Middle East were flat year-on-year, helped by storm revenues in France which augmented base business revenues about 5 per cent lower than last year.”

The statement covering January to the end of March added: “The strong performance by International Power Projects was mainly due to an increase in the number of megawatts on rent, but we also enjoyed the benefits of year-on-year improvement in rates and a beneficial mix, with more gas-powered units on rent than in the previous year.”

The statemen said: “We expect to deliver a strong first half, despite what we anticipate will be tougher conditions in the local businesses.

“We expect trading in 2009 to be at similar levels to 2008 on a constant currency basis.”