Lavendon to come in at top of expectations

Lavendon, which rents out aerial work platforms in western Europe and the Gulf States, rose strongly after it said full year results would be at the upper end of its expectations.

Lavendon, which rents out aerial work platforms in western Europe and the Gulf States, rose strongly after it said full year results would be at the upper end of its expectations.

The group's total revenues for the year ended December 31st 2012 were up 4% on the previous year on a constant currency basis and excluding ex-fleet equipment sales.

In the fourth quarter, revenues rose by 4% compared with 2011.

In the UK, the firm's biggest market, rent revenues were flat across the year, while its second biggest market, Germany, saw rents drop by 6%.

France delivered a strong performance, with 17% revenue growth, while the Middle East registered growth of 35% supported 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 return on capital employed," said Chief Executive Don Kenny.

"The board therefore expects the group's results for 2012 to be at the upper end of its expectations, and looks forward to making further progress in 2013."

Lavenden's shares were up 8% to 11.5p at 1400.

MM

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