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    AGK   GB00BK1PTB77

AGGREKO PLC

(AGK)
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Delayed Quote. Delayed London Stock Exchange - 07/23 11:35:23 am
870 GBX   +0.17%
07/22FORM 8.3 - THE VANGUARD GROUP, INC. : Aggreko plc
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07/21AGGREKO : Form 8.3 - Aggreko Plc
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07/20FORM 8.3 - THE VANGUARD GROUP, INC. : Aggreko plc
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Aggreko : Temporary power firm Aggreko pulls out of 2016 Olympics tender

12/18/2015 | 03:24am EDT
A worker walks in front of the Olympic aquatic venue for the Rio 2016 Olympic Games during the third media briefing for the Games in Rio de Janeiro

LONDON (Reuters) - British temporary power provider Aggreko has pulled out of a tender to supply generators to the Olympic Games in Rio de Janeiro next year, dealing a blow to organisers rushing to secure an energy source for the world's largest sporting event.

The company, viewed as the most experienced bidder, announced its withdrawal on Friday, confirming a Dec. 14 Reuters report that cited a spokesman for Rio 2016.

Aggreko said in a statement that as it had not been awarded the first tranche of contracts, which had been broken into different segments, it had pulled out of bidding for the rest.

The British firm has been involved in nine Olympics as well as six soccer World Cups, and its withdrawal is a worrying sign for Rio organisers who are under huge pressure to cut spending as Brazil languishes in its worst recession in 25 years.

The government has already warned there is no money to cover any cost overruns.

Some analysts have said the withdrawal may also hit Aggreko's 2016 earnings. The company had already warned in August that markets were likely to remain difficult next year, after a profit warning in July.

For the 2012 Olympic Games in London, Aggreko's power deal was worth nearly $60 million, although the Rio 2016 contract was expected to be worth less as it is smaller in scope.

"It won't impact earnings expectations but it does support our view that Aggreko has lost some of its sparkle in recent years," said Stifel analyst Caroline de Soujeole, who has a "sell" rating on the stock.

Aggreko shares, down 37 percent so far this year, were up 0.7 percent at 907 pence by 0805 GMT.

The temporary power contract is a vital part of Olympic preparations, guaranteeing a stable and secure energy supply for international broadcasters, the opening and closing ceremonies, as well as back-up electricity for the venues.

Two sources with knowledge of the tender told Reuters earlier this week that the companies left in the running were a mix of Brazilian and international firms, but that it was unlikely any of them had the in-country capacity and Olympic experience to fully meet the needs of the contract.

It is likely that whoever wins would have to lease generators from Aggreko, they said.

(Editing by Mark Potter)

By Li-mei Hoang


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
AGGREKO PLC 0.17% 870 Delayed Quote.38.74%
EURO / BRAZILIAN REAL (EUR/BRL) -0.15% 6.1216 Delayed Quote.-3.57%
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Financials
Sales 2021 1 623 M 2 232 M 2 232 M
Net income 2021 112 M 154 M 154 M
Net Debt 2021 394 M 541 M 541 M
P/E ratio 2021 19,5x
Yield 2021 2,62%
Capitalization 2 222 M 3 056 M 3 054 M
EV / Sales 2021 1,61x
EV / Sales 2022 1,68x
Nbr of Employees 6 000
Free-Float 92,5%
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 8,70 GBX
Average target price 872,22 GBX
Spread / Average Target 9 926%
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Managers and Directors
Chris Weston Chief Executive Officer & Executive Director
Heath Stewart Drewett Chief Financial Officer & Executive Director
Kenneth George Hanna Chairman
Dan Ibbetson Managing Director-Global Products & Technology
Grant Nairn Group Chief Information Officer
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