StockMarketWire.com - Power company Aggreko approved a lower interim dividend after swinging to a first-half loss, though said it did not expect to see its usual second half seasonally following signs of improved demand.

Following the gradual improvement in demand in some sectors since May gives, the company said it was confident it could deliver a pre-tax exceptional profit in the range £80-to-100m.

'Looking further ahead, we continue to expect the group to deliver improved margins and achieve its mid-teens ROCE target, underpinned by our ongoing focus on operational efficiencies,' it added.

The company also gave an update on first-half performance, which was dented by the pandemic impact and lower oil prices.

For the six months ended 30 June, pre-tax losses were £134m, compared with a profit £60m on-year and revenue fell 13%.

An interim dividend of 5p per share, down from 9.38p a share.

The company also Mark Clare would become chair following its 2021 Annual General Meeting.

This would allow for a managed and orderly transition from the current chairman, Ken Hanna. At 9:44am: [LON:AGK] Aggreko PLC share price was -9.4p at 407.6p



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