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14 April 2016
Lavendon Group plc
Q1 2016 Trading Update
Encouraging Start to the Year - Revenue Growth Accelerating
Lavendon Group plc ("Lavendon" or the "Group"), the market leader in the rental of powered access equipment in
· Board remains confident of delivering its expectations for the year
· Group's total revenue for the quarter increased by 13%, with rental revenues up 9%
· Short-term impact on margins from investment expected to unwind over the year
· German regionalisation programme on track to be fully operational during Q4
The Group's total revenue for the quarter ended 31 March 2016, on a constant currency basis and excluding ex-fleet equipment sales, increased by 13% compared with the prior year, with rental revenues increasing by 9%.
Increased utilisation of an enlarged fleet in the
Rental revenues in Continental
In summary, the Group has delivered accelerated rental revenue growth in the first quarter reflecting the benefits of the additional fleet investment and operational resource made available during 2015. While the cost of these investments has constrained operating margins in the short term, we expect this impact to unwind in the coming months and for further profit improvement to be delivered as we move into the second half of the year. The Group's ROCE remains firmly above its weighted average cost of capital notwithstanding the increase in the Group's capital employed as the fleet is expanded and our self-funded fleet replacement programme continues.
As expected the Group's net debt level at 31 March 2016 increased to
Don Kenny, Chief Executive of Lavendon, commented:
"Building on the momentum established towards the end of 2015, we have seen an encouraging start to the year with our continued focus on revenue growth delivering results. This growth reflects the benefits of the strategic investment programme we undertook in 2015, to strengthen our market positions across all our regions. Whilst recognising some uncertainty in the economic outlook, the Board remains confident of making further progress during the year and delivering on its expectations for 2016."
A conference call will be held for analysts at 8.00am (
Lavendon will release its Half Year Trading Update in July 2016.
For further information, please contact:
Don Kenny, Chief Executive Today T: +44 (0)203 727 1000
Alan Merrell, Group Finance Director Thereafter T: +44 (0)1455 206 736
Jonathon Brill T: +44 (0)203 727 1000
Notes to Editors
Lavendon is the European and Middle East market leader in the rental of powered access equipment. The quality and diversity of its hire fleet, coupled with the professionalism and accessibility of its depot network, provides an exceptional product range for customers.
Powered access equipment is designed to enable people to work safely, productively and comfortably at height. It can be used in a comprehensive range of applications, both inside and outside buildings and structures.
The Group has operations in the United Kingdom, Germany, Belgium, France, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The equipment rental fleet totals c.21,000 units and the Group employs c.1,900 people.
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