Upbeat Aggreko shrugs off disappointing profits

Aggreko, which provides temporary power to events like Glastonbury, has charmed the City despite warning that its first-half profits will be lower.

The company reported profits that were at the lower end of expectations, as revenues fell slightly because of the impact of a lower oil price and slower contract payments.

But the power provider argued that it still had a healthy pipeline of business, sending the shares up by 8% to 968.5p.

The update came despite high-profile problems in Brazil where Aggreko decided not to provide power for the Olympic Games for the first time in years.

Normally an Olympic year would be a particularly strong one for the power group.