Updates from Aggreko, United Carpets and Sage
Despite the uncertainties of the weekend's crucial Greek election, Asian stocks overnight have remained mostly positive with the Hang Seng up +1.3%.A quiet end to the week on the corporate front. Power provider Aggreko has had a strong 2012 so far, anticipating that trading profits could leap by as much as 20% for the first half of the year it said in a trading statement this morning.
"First half underlying Group revenues [are] anticipated to grow by around 15% and trading profit1 by around 20%," confirmed the company. In its International Power Projects business, revenue is expected to grow by around 17% in the first half of the year.
Additionally its Europe and Middle East business is expected to grow by 9%, North America by around 11% and Aggreko International's Local business by 25%. But Aggreko expects margins in International Power Projects to be lower in the second half than the same period in 2011, "in large part due to higher mobilisation costs."
Next, an update from a concerned United Carpets, describing the trading environment as "extremely challenging". Additionally it says the number of franchise terminations continue. Its Board will review a number of stores to decide whether they can remain viable under the current franchise model.
"The purpose of any rationalisation of the Group's store portfolio would be to meet the more stringent criteria which it is felt are required to trade successfully in these difficult times and to prevent an accumulation of poorly performing stores creating an unsustainable financial burden on the Group."
Finally Sage has announced the appointment of Donald Brydon, CBE - currently Chairman of Smiths Group and Royal Mail - as a non-exec Director and Chairman designate. He join the Board on the 6 July 2012, succeeding Tony Hobson.
"I am pleased," says Hobson, "to be doing so to someone of Donald's standing and experience and am in no doubt that he will make a very significant contribution to Sage, initially as a non-executive Director and subsequently as Chairman".