Berendsen reports progress across the board for 2013

16th Dec 2013 07:08

European textile firm Berendsen said it has traded in line with expectations in the fourth quarter with progress reported across the board.In a pre-close trading update for 2013, the workwear, rental and laundering services company said reported revenues for the first 11 months of the year were up 7% on last year.On an underlying basis, which excludes the benefit of foreign currency exchange rates and acquisitions made last year, the top line improved by 3% with trading patterns stronger in the second half.An improvement in the group's operating margin and lower interest costs is expected to result in a reported profit before tax "well ahead of last year", the firm said.Meanwhile, free cash flow was said to have remained strong with net debt "substantially lower" than at the start of the year."We performed well in the period and the board expects to achieve a year of good progress for the full year 2013."BC