Chris Weston (77-82)
Chris Weston (77-82), the only OP who is chief executive of a FTSE 250 company, revealed better than expected results for 2017 for Aggreko, the company he heads, at the start of March. Aggreko is the world’s biggest temporary power provider, based in Glasgow, and supplies mobile power plants to cover temporary outages or to satisfy increased demand during major events.
Profit before tax fell 12 per cent to £195 million despite group revenue soaring 14 per cent to £1.7 billion on the back of large currency gains. Dividends were maintained at 27.12 per share.
“I am pleased that we are seeing revenue growth return, with strong performances in both rental and power solutions industrial,” Weston informed investors. “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.”
Shares in the firm oscillated after Weston’s remarks ending the day around 700p a share – four per cent down on the previous days’ closing, reflecting inflated market expectations about the results.