This means it must constantly invest in its business, but it is able to do
this easily from cash flows. In the first three months of the year, the
amount of megawatt capacity on hire was 22pc ahead in its international
business.

Net debt has risen by £63m to £428m as it invests in capacity for the London
2012 Olympics. However, its balance sheet remains strong.

In the year to date, the international operations have secured 450 megawatts
of new business.

Last week’s trading update showed a more positive outlook than Aggreko’s last
statement.

The Olympics will support its local business and the London Olympics contract
has been increased to £50m from £35m.

The international business also has a good bidding pipeline. Indeed, Aggreko
unveiled a new contract in the Dominican Republic, valued at about $80m
(£50.3m) over two years to provide emergency power in the north of the
country.

Because of the upbeat start, consensus forecasts could rise.

Every time Questor thinks the shares have reached a peak, they move higher.
Indeed, they have soared by a staggering 385pc since the start of 2009.

Revenues up more than 20pc in the first quarter at both divisions is very
impressive.

The shares are highly rated, trading on a 2012 multiple of 21.2 times.
However, the company is likely to see double-digit returns for some time as
it operates in a global bull market.

The shares are still a hold, but Mr Soames will no doubt once again show
Questor is overcautious.