Glasgow-headquartered temporary power specialist Aggreko says it is closely monitoring the potential impact of the coronavirus outbreak ahead of one of its biggest contracts for the Tokyo 2020 Olympic and Paralympic Games.
Announcing its full year results, the group said preparations for the games are “progressing well” and it currently expects to deliver results in line with expectations for 2020.
However, chief executive Chris Weston said the firm has “implemented several measures to protect our people and to prepare for possible consequences of the virus”.
“As the situation continues to evolve, our primary concern is for the welfare of our people, their families and the local communities in which we work. It is unclear how the outbreak will develop and, therefore, the potential impact on our business. We will continue to follow developments closely and will take further action to protect our people and business as appropriate.
The update came as the group announced revenue fell 8% to £1.61 billion in 2019. When the impact of the 2018 Winter Olympics and early design and project management revenue for Tokyo 2020 Olympics on the previous year’s figures were stripped out, Aggreko said the underlying revenue figure was down just 1%. Pre-tax profits rose 9% to £199 million and by 13% on an underlying basis. Shareholders are in line for a final dividend of 18.3p, up 3%.
Weston said the figures demonstrated significant progress made to improve the group's financial performance. “We are well-positioned to meet our customers' evolving needs in the changing energy market,” he added.
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