Lavendon Group plc (LVD) - Performance ahead, net debt lower and the shares get a boost
The market leader in the rental of powered access equipment in Europe and the Middle East, today issued positive trading update for the six months ended 30th June 2012.
The Group performed ahead of the Board’s (not market’s?) expectations in the first six months, with overall revenues, on a constant currency basis and excluding ex-fleet equipment sales, growing by 6% compared with the prior year, with one percentage point of this growth being derived from new equipment sales. In the second quarter, Group revenues increased by 5% compared with 2011 on the same basis. The UK rental business, which accounts for 48% of revenue, saw growth of 1% in both Q1 and Q2 with price increases off-setting lower volumes. The Middle East continues to see strong growth in rental…