Lavendon trading ‘in line with expectations’

Updated trading figures for the Lavendon Group show a 1% increase in rental revenues within a 2% rise in overall business.

The figures cover the three months since 1 January and a statement by the powered access equipment rental specialist said it was “trading in line with expectations”.

Chief executive Don Kenny said: “There has been a modest growth in overall group revenues and continuing operational improvements driving growth in profitability, margins and return on capital employed across the period.

“The board is confident of building on this momentum, making further progress during the year and delivering on its expectations for 2015.”

The biggest rental increase was in the Middle East, which was 11% up on the corresponding quarter of 2014. The region now accounts for almost a quarter of the group’s rental revenues.

Europe remained unchanged year on year, while the UK - which constitutes nearly half of rental business - was down 3%, though the month of March in isolation showed positive growth.

The best performing individual market in Europe was in France, which was up by 13%.

Lavendon will issue its next trading update in July.