Aggreko shares plummet on profit warning

<p>Shares in Aggreko have plunged after the company issued a profit warning.</p>

Shares in the temporary power company Aggreko have plummeted on the London Stock Exchange (LSE) this morning (December 17th) after the firm announced a profit warning.

The business stated that it has struggled as a result of lower sales on the back of military spending cuts in Afghanistan, while uncertainty over some Japanese contracts could also mar performance in 2013.

Aggreko previously said that it had benefitted from its contract to supply power to the London 2012 Olympic Games – which led to a contract worth £59 million, but this is the second warning the firm has issued in the space of this year after claiming bad debts and a currency hit would impact full-year profits by 2.5 per cent back in October.

The company stated: "The economic environment we will be facing in 2013 is particularly uncertain … It is difficult at this stage to provide a definitive view of the likely pattern of trading in 2013."

At 11:35 GMT on the LSE shares in Aggreko had retreated by 15.6 per cent to 1792.00p, sliding to a 52-week low.

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