Lavendon: trading in line with expectation

Lavendon Group, the parent company of access rental companies such as Nationwide and Panther Platforms, told its AGM that first quarter revenues have increased by 26%, compared with the same period last year, and trading is in line with expectation.

It’s UK revenue grew by 16% and expected to accelerate due to the completion of the acquisition of The Platform Company. Integration of its German activities (and the timing of Easter) saw revenue 3% lower, but the move is expected to produce cost savings of £2.5m.

Having bought DK Rental in December 2007, revenues at Lavendon’s French and Belgian business increased by almost 300%, with the increase in scale delivering improvements in operating margins. With DK’s Spanish arm included in the sale, Lavendon’s has seen revenues from the country increase by 162% accompanied by further improvement in operating margins.

Total revenues in the Middle East grew 12%, with underlying rental revenue increasing by 35%, with a strong improvement in overall operating margins.