Shares of Glasgow-based Aggreko, the world’s largest temporary power firm, fell about 4% after it said its 2017 revenue before exceptional items rose 4% to of £1.73 billion but profit before tax and exceptional items fell 12% to £195 million.
Full year dividend is maintained at 27.12p.
“I am pleased that we are seeing revenue growth return, with strong performances in both rental solutions and power solutions industrial,” said Aggreko CEO Chris Weston.
“As expected, the challenges in power solutions utility held back the group overall.
“Over the last three years we have stabilised the business, enhanced our service offering and positioned ourselves to prosper in rapidly changing energy markets.
“We have delivered over £100 million in cost savings, invested in new systems and processes and developed new technology, all of which enables us to provide high quality solutions for customers.
“We expect 2018 group profit before tax to be in line with last year, on a constant currency basis.”
Aggerko said its rental solutions business returned to growth with underlying revenue up 9% and a £23 million benefit from hurricanes in North America.
The firm said underlying revenue at its power solutions business increased 20%, driven by Eurasia, but underlying revenue at its power solutions utility business was flat, excluding Argentina.