23rd Apr 2008 07:00
Lavendon Group PLC23 April 2008 LAVENDON GROUP PLC AGM AND INTERIM MANAGEMENT STATEMENT Lavendon Group plc, Europe's market leader in the rental of powered accessequipment, will provide the following statement at the Company's Annual GeneralMeeting, to be held at 10.30am this morning:- "The Group's revenues for the first quarter have increased by 26% when comparedto the same period last year. In the UK, revenues have increased by 16% and it is expected that this rate ofgrowth will accelerate during the remainder of the year, following thecompletion of the acquisition of The Platform Company on 1 April 2008,underpinning already healthy operating margins. Our German businesses are now fully integrated and whilst, as expected, revenuessoftened in the quarter by 3% due to these integration activities and the timingof Easter, the operation is firmly on track to deliver the expected annualisedcost savings of £2.5 million and the resultant margin improvement in 2008. Following the acquisition of DK Rental in December 2007, the scale of theGroup's French and Belgian business has almost quadrupled, with revenuesincreasing by 297%. This increase in scale is delivering the expectedimprovement in operating margins. In Spain, revenues have increased by 162% following the acquisition of DK RentalSpain, with further improvement in operating margins. Total revenues in the Middle East have grown by 12%, with underlying rentalrevenues, as opposed to revenues from sale of equipment, increasing by 35%. Thecontinued growth of rental revenues is delivering a strong improvement inoverall operating margins. The Group's net debt levels remain comfortable and are well supported by strongoperational cash flows. The Group is trading in line with our expectations and we look forward toreporting further progress in the coming months." Enquiries: Lavendon Group plc 01455 558874Kevin Appleton, Chief ExecutiveAlan Merrell, Group Finance Director Financial Dynamics 020 7831 3113Jonathon Brill/Billy Clegg/CarolineStewart This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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