Lavendon lifts expectations after third quarter

15th Nov 2016 14:35

(ShareCast News) - Powered access equipment rental company Lavendon Group issued a trading update for the nine months to 30 September on Tuesday, with the board saying it remained confident of delivering results for the full year marginally ahead of its original expectations.The company said group total and rental revenues for the nine months increased by 9%.On a regional basis, UK rental revenues increased by 8%, Middle East rental revenues by 20%, and Continental Europe rental revenues for the nine months increased by 2%.Lavendon's board said the German restructuring was now complete and a revised business structure was now operational.At actual exchange rates, the group's total and rental revenues - excluding ex-fleet equipment sales - for the nine months increased by 15% over the prior year.The board said total and rental revenues for the same period, on a constant currency basis and excluding ex-fleet equipment sales, increased by 9%."The group's trading performance has continued to deliver strong revenue growth through the third quarter," said chief executive Don Kenny."This growth reflects the benefits of our strategic investment programmes in both 2015 and 2016 to strengthen our market positions in all regions, together with the further operational improvements we have made to support the delivery of our growth plans."The board is encouraged by the trading performance to date, and as a consequence of the favorable translational impact on our overseas earnings from the continuing weakness of sterling, we expect the group's results to be marginally ahead of our original expectations for 2016."