AGGREKO chief executive Chris Weston saw his pay packet increase by more than £400,000 last year thanks to a £721,500 bonus which took his total remuneration to £2.3 million.

Mr Weston’s pay comprised a £750,000 salary, £24,747 in benefits, £225,000 in pension payments and his bonus. In addition he received £598,865 through the vesting of shares awarded as compensation when he joined the group.

Temporary power supply group Aggreko faced a challenging year as profits fell by 12 per cent to £195m because of issues relating to the renewal of a number of contracts in Argentina which were initially signed on better terms because of a higher risk in a country which has since become more stable. The group said at the time this masked an underlying improvement in the business.

Revenue at the Glasgow-based group climbed 4% to £1.7 billion

Mr Weston’s bonus was made up of 70% of salary from a potential 140% as a reward for diluted earnings per share growth and 26.2% of his salary from a potential 35% relating to personal objectives.

The company’s accounts show that diluted earnings per share for 2017 was 53.94p, down 13% on the previous year, but above the 49.14p threshold which activated Mr Weston’s bonus.

Mr Weston has come under fire from investors for the group’s performance, and shares hit an eight-year low of 695.3p on March 6 when its full-year results were announced. They have since mounted a moderate recovery, and closed last night down 1.6p at 719.4p.

The group’s only other executive in 2017, Carole Cran was paid a salary of £412,000 but received no bonus following her departure from the business.