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Scottish company powers to $100m contract

Category: Scotland Success Stories — Mark on December 26, 2011

A Glasgow based power firm is celebrating a $100m (£64.5m) contract extension in Bangladesh, rounding off a year that has seen better than forecast profits.

Aggreko, a company which supplies temporary power facilities, has been awarded the extension following a successful deal with a diesel-fuelled power plant in Ghorashal. It will see a similar provision of power, for a natural gas facility.

It follows the recent announcement that they would be the supplier of power for the London 2012 Games; a contract largely won due to their success on other major sporting events throughout the world.

The firm also confirmed that it has seen profits of £324m in the year, marking an increase of five per cent than had originally been expected.

A spokesman for Aggreko said it left them in a “strong position” to start 2012.

However, the group did warn that despite a 20 per cent increase in facilities on hire than at the start of 2011, the continuing global downturn could start to affect them in the third quarter of 2012.

It is a fear that many Scottish companies will share, and will require confident strategising accordingly. With expansion still possible though, it is important that funds are available for when opportunities arrive.

It is with this thinking that many firms are looking at invoice factoring relationships with other Scottish companies to source funding that banks are still likely to hesitate with.

In the case of Aggreko, they recognise the importance of having such funds in place, with their Chief Executive, Rupert Soames stating:

“…demand for temporary power remains strong and we will continue to invest in (our) expansion…”

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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