Shares of Glasgow-based mobile power giant Aggreko plc rose about 6% on Wednesday after it published a trading update saying it expects to deliver profit before tax for 2020 slightly ahead of the top end of its previous guidance range of between £80 million and £100 million.
“As a result of the continued recovery in activity levels across a number of our markets, we now expect the group to deliver profit before tax for 2020 slightly ahead of the top end of our previous guidance range of £80-100 million,” said Aggreko.
“In addition, a strong cash performance in the second half has resulted in a reduction in the group’s net debt over the year of around £200m, with closing net debt to EBITDA of less than 1 times.
“Looking ahead to this year, despite the recent strengthening of Sterling, we retain the guidance provided as part of our latest trading update on 17 November 2020 for group profit before tax for 2021 in the range £170-190 million.
“Aggreko’s full year results will be announced on Monday 1 March 2021”