Lavendon Group Plc (LVD.L) Tuesday said its expects full-year results to be at the upper end of Board’s expectations, as it continued to make good progress despite the challenging trading conditions in many of the European markets.
The group’s total and rental revenues, excluding ex-fleet equipment sales, increased 4 percent, on a constant currency basis.
Compared to the prior year, UK business improved in the fourth quarter, leading to broadly flat revenues for the full-year.
In Germany, revenues declined during the fourth quarter, due mainly to slower shift in the mix of fleet on hire in a relatively weak market.
Both Belgium and France contributed to strong revenue growth in 2012, with France delivering a particularly strong 17 percent revenue growth.
Revenues from the Middle-East has also continued to accelerate, particularly in Saudi Arabia, helped mainly by additional fleet investment in the fourth quarter.
“The encouraging growth we are seeing in our French and Middle East businesses, together with the actions we have taken to improve our overall operational and capital efficiencies are delivering improvements in the Group’s profitability, margins and ROCE, ” said Don Kenny, CEO.
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by RTT Staff Writer
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