Lavendon Group announces first-half debt reduction

Lavendon Group has posted a reduced debt figure for the first six months of 2004, while its UK business, Nationwide Access, has returned to revenue growth.
While posting a net loss of £2.6m, Lavendon has reduced its overall debt to £98.7m, compared to £116.7m for the last six months of 2003. At the same time it reported turnover to be stable at £50m, with operating profit before exceptional costs reduced to £200,000 from £2.5m.
"Although trading conditions remain extremely tough, we are pleased with the return to revenue growth in the UK," said Kevin Appleton, Lavendon's
chief executive.
According to Appleton, demand in the UK access market has been flat as a result of a slow new-build construction sector.
"Revenues, however, are slightly up, and the UK mar-
ket is certainly improving," Appleton said.