All Financial results Articles

Tanfield Group, owner of UpRight, Snorkel and electric vehicle maker Smith Electric Vehicles, has written off £75 million (€96 million) from its books, comprising £48 million (€61 million) to reduce goodwill and intangible assets associated mainly with Snorkel, £11.5 million (€15 million) for bad debt provision and a £15.3 million (€19.6 million) charge on the value of inventories of “slow moving and obsolete” machines.

Wolseley reported group revenues of UK£ 16,5 billion (€ 20,8 billion) in the year ending 31 July 2008, up +2% on 2007 figures of UK£ 16,2 billion (€ 20,4 billion).

Kier Group recorded annual sales of UK£ 2,3 billion (€ 3 billion) , an increase of +11,6% on 2007 figures of UK£ 2,1 billion (€ 2,7 billion).

Softening aerial work platform and construction equipment markets in North America and western Europe have led Terex Corp to reduce by 3% its full year guidance for sales in 2008. The company now expects total annual revenues to be in the US$10.2-$10.6 billion range compared to the previously announced $10.5-$10.9 billion.

Spanish rental company GAM is to establish rental businesses in Mexico this month and in Brazil before the end of the year. The new openings are part of the internationalization strategy that has already seen the company establish operations in Portugal, Romania, Bulgaria and Poland.

Vinci, the world's largest construction company had revenues of € 15,7 billion in the first half of the year. This was a +15% increase on January to June 2007. Its operating profit was up +12% to € 1,46 billion.

Ashtead Group said its A-Plant and Sunbelt Rentals businesses performed well in the quarter to 31 July with revenues growing and utilisation levels maintained despite both having significantly larger fleets.

Following its mid August sales report, Bouygues has released its first half earnings presentation.

Strabag recorded sales of € 4,7 billion in the first half of 2008, an increase of +18% on the € 4 billion recorded during the first half last year.

Lavendon Group said that demand in Europe for its aerial platforms had been maintained in the first six months of the year, with the exception of Spain where a softening of the market and signs of oversupply have led the company to reduce its fleet size. Demand in the UK was down marginally but still strong.

Aggreko has shrugged off US and European economic problems to post a 28.4% increase revenues to £407.7 million for the first six months of the year and a rise in pre-tax profits of 41.9% to £67.9 million.

Bam reported first half sales of € 4,2 billion, up +10% on the same period in 2007. Pre-tax profit mirrored sales as it also climbed +10% from € 119 million in the first half of 2007 to € 131 million in 2008.

CRH recorded 2008 first half sales of € 9,7 billion, almost mirroring the same period of last year. However, with higher commodity prices and a weak dollar to euro exchange rate, the company reported a pre-tax profit of € 606 million, down -10% on the comparable 2007 period.

NCC's operating profit for the first half of the year was down -10% compared to the same period last year, to SEK 1138 million (€ 121 million). Its revenues were almost unchanged at SEK 27 billion (€ 2,88 billion).

Holcim recorded first half sales of CHF 12,4 billion (€ 7,68 billion), down -4,4% on the same period in 2007.

Lend Lease achieved an operating profit of AU$ 447 million (US$ 389 million) for the 12 months to the end of June, an +8% increase on the previous year's performance. Its revenues were up +3% to AU$ 4.7 billion (US$ 12.8 billion).

Heijmans has described its financial results for the first half of the year as "poor." Its revenues were up just +2% compared to the first six months of 2007, to € 1,72 million, and its post-tax profit fell from € 19 million last year to just € 2 million for the first half of 2008.

UK rental company Vp plc said its businesses had made "good progress" since June 2008 despite a more challenging business environment.

Same-branch rental revenues rose 16% to drive Ahern Rentals second quarter 2008 rental revenues 20% higher to $83.9 million from $70.0 million last year. Three new stores since the second quarter of 2007 contributed $2.9 million, 4.1%, of the quarter's revenues.

Ramirent’s revenues grew by 18.9% in the second quarter of 2008 but profits fell because of further softening of the market, particularly in the Baltic States.