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14 July 2016
Lavendon Group plc
First Half Trading Update 2016
Encouraging First Half Performance - Strong Revenue Growth In Key Markets
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 full year
· Group total revenue for the first half increased by 11%, with rental revenues up 9%
· Short-term impact on margins from investment expected to unwind over second half
· German restructuring continues on track to be fully operational during Q4
The Group's total revenue for the six months ended 30 June 2016, on a constant currency basis and excluding ex-fleet equipment sales, increased by 11% compared with the prior year, with rental revenues increasing by 9%. Based on actual exchange rates, the Group's total revenue (excluding ex-fleet equipment sales) increased by 15% with rental revenues increasing by 13% over the first half.
Rental revenues in Continental
In summary, the Group has delivered strong rental revenue growth in the first half reflecting the benefits of the investment in additional fleet and operational processes to improve fleet availability. While the cost of these investments has constrained our operating margins in the first half, our overall profitability has continued to improve and we expect these investment costs to be fully absorbed over 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 we expanded the fleet and our self-funded fleet replacement programme continues.
During the first half, exceptional costs of c.
As expected the Group's net debt level at 30 June 2016 increased to
While it is too early to fully assess the wider economic implications of the
Don Kenny, Chief Executive of Lavendon, commented:
"The Group's trading performance in the first half has seen the delivery of strong revenue growth building on the momentum established towards the end of 2015. This growth reflects the benefits of our strategic investment programme in 2015 to strengthen our market positions in all regions, and the continued operational improvements made during the first half to support the delivery of our growth plans.
Given the encouraging trading performance in the first half, together with the degree of resilience provided by our international operations, 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 Interim Accounts for the six months ended 30 June 2016 on Friday 26 August 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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