Lavendon confident of meeting full year expectations

Lavendon Group said it remained confident of meeting its profit expectations for the year as margins and return on capital employed continue to improve.

The company, which supplies powered access rental equipment in Europe and the Middle East, said group rental revenue on a like-for-like basis was 1% higher in the nine months to the end of September from last year.

Lavendon said consistently higher volumes in the Middle East continued to drive growth in revenue despite increasingly demanding comparatives, while its performance in the UK and Europe improved.

Chief executive Don Kenny said: “The group's trading performance in the first nine months of the year has improved across our markets, driving growth in revenues, profitability and margins.

“The board remains confident of delivering on its profit expectations for 2015, and with the delivery of the accelerated fleet investment now almost complete, we are well positioned to respond to market opportunities as we move into 2016."

At 1230 GMT, Lavendon shares were up 5.2% at 142p.