17th Nov 2015 09:07
LONDON (Alliance News) - Power equipment rental company Lavendon Group PLC on Tuesday said it remains confident it will meet its profit expectations for the full year as margins and its return on capital employed have continued to improve.
Lavendon said its total revenue for the nine months to the end of September was up 1.0% on a like-for-like basis. Revenue from the Middle East rose 7.0% while Continental Europe revenue was up 2.0%, offsetting a 1.0% decline in the UK. The UK arm, however, did improve to a flat like-for-like revenue performance in the third quarter, having posted a decline in the first half.
The company said its profitability, margins and return on capital employed have continued to improve over the course of the year and said its accelerated fleet investment is nearly complete.
"The group's trading performance in the first nine months of the year has improved across our markets, driving growth in revenues, profitability and margins. The board remains confident of delivering on its profit expectations for 2015, and with the delivery of the accelerated fleet investment now almost complete, we are well positioned to respond to market opportunities as we move into 2016," said Chief Executive Don Kenny.
Shares in Lavendon were up 5.5% to 142.38 pence on Tuesday morning, one of the best performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
LVD.L