26th Feb 2015 10:15
LONDON (Alliance News) - Equipment rental company Lavendon Group PLC on Thursday reported a fall in statutory pretax profit for 2014, dragged lower by exceptional charges, but shares in the company rose as its underlying profit rose on the back of higher revenue.
Lavendon said its statutory pretax profit for the year to the end of December was GBP21 million, down from GBP23.4 million last year. The profit was pulled lower by GBP11.1 million in exceptional charges, primarily related to a goodwill charge taken on its Belgian operations.
Excluding the charges, underlying pretax profit for the year increased to GBP34.1 million against GBP30 million last year.
Revenue for the year increased to GBP246.3 million against GBP237.5 million last year, boosted by strong performances in the UK, the Middle East and France.
On the back of the robust underlying results, the group has hiked its total dividend to 4.6 pence per share, up from 3.55 pence a year earlier.
Shares in Lavendon were up 5.6% to 177.37 pence Thursday, one of the best performers in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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