London - The new head of Aggreko said he is reviewing the shape of the world's biggest temporary power provider but does not expect to deliver any dramatic changes when he reports back later this year.
Chris Weston, who took over the top job at the start of the year, said he had spent his first few months travelling the world and was upbeat about the business with the group not experiencing any impact from low oil prices.
Weston was speaking as the FTSE 100 group posted full-year revenue up 9 percent on an underlying basis to 1.6 billion pounds, helped by a strong performance in the Americas.
Trading profit at the firm, whose kit powers major events and covers electricity shortfalls, was down 2 percent however, held back by weak trading in Asia Pacific, and the group expects it to remain broadly in line with that in 2015.
Analysts at Barclays said the numbers were in line with consensus and noted that the start to 2015 looked encouraging
The one problem on the horizon for Aggreko is the low oil price but Weston said the group had not seen any impact yet, and in some parts of the business it could stimulate demand because its customers generally pay for the fuel required by its engines.
However he said the impact on its clients in the oil and gas production area could turn into a headwind later in the year.
“It's a good business,” he said of the overall group. “We are currently looking at the priorities, so I'm working with my team and looking at technology, markets, customer requirements.
“We'll come back to the market in the middle of the year to say what the priorities are but I suspect it will be broadly similar to what we're doing now, nothing dramatic.”
Shares in the group were down 1.3 percent, giving it a market capitalisation of 4.2 billion pounds.
Reuters