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Growth in Asia and China specifically has been cooling, and, as such, demand for products like Aggreko’s temporary power generators has diminished. The company has seen margins squeezed and sales drop and these two things combined have led markets to anticipate a fall of 9.25% in annual profits.
Aggreko has also been dealt the blow that their CEO for the last eleven years, Rupert Soames, has been headhunted by Serco and will be stepping down imminently. As a short-term measure the company’s finance director, Angus Cockburn, will be taking over the responsibility until a board decision can be made.
As a Scottish-based company, Aggreko will also be monitoring the developments of the devolution vote. A number of large companies based in the region, such as Standard Life and the Royal Bank of Scotland, have already stated they are currently assessing the need and viability of relocating south of the border should Scotland vote yes.
The share price of Aggreko is currently some 11.70% lower than at the start of January 2013. Although well off its lows from October 2013, an attempt to fill the gap from when the news of Mr Soames’ departure broke could materialize, but any close below the 1500p level could signal further weakness.