Finning reports record Q3

Finning International, the Caterpillar dealer and Hewden Stuart parent company, has reported record third quarter results this year.
Turnover rose to £415m, a 17% increase compared to the 2002 period. Net profit rose to £16.4m from £15.7m as the company experienced continued growth in most of its business lines.
For the first nine months of the year, Finning's turnover increased by 12% to a record £1.1bn, while profit rose 2.3% to £46m.
Finning's UK operation reported higher turnover compared to 2002 because of higher rental revenues and the acquisition of Lex Harvey, although it was partially offset by lower new and used equipment sales.
Hewden, the UK rental division, reported a third quarter turnover of £74.3m, an increase of 2.4%. This was mainly because of the disposal of obsolete and surplus hire assets.
The company said demand remains strong, but the rental hire market is suffering because of overcapacity and a downward pressure on prices.
Finning International president and chief executive Doug Whitehead said: "We achieved record results reflecting the contribution from new acquisitions and strong performances in new and used equipment."