LONDON (Alliance News) - Lavendon Group PLC Thursday said it expects results to be at the top end of its expectations for 2014, as it reported revenue growth in its UK, Middle East and French businesses driving improvements in profitability and margins.
In a statement, the group, which rents out mobile mechanical devices that lift people and their tools and materials, said its total and rental revenues for the 2014, on a constant currency basis and excluding ex-fleet equipment sales, increased by 6% compared with the prior year.
At actual exchange rates, the company reported a 3% rise.
"This performance has been delivered despite exchange rate headwinds on our overseas earnings and the continued economic weakness in our Continental European markets," Don Kenny, Chief Executive, said in a statement.
"The board expects the group's results for 2014 to be at the top of its expectations, and in particular will report that the group's ROCE [return on capital employed] has moved ahead of its WACC [weighted average cost of capital] for the year. As we move into 2015, we are looking forward to building on the momentum that we have developed during the past 12 months and making further progress in the year ahead," Kenny added.
Lavendon shares were up 2.9% at 170.00 pence shortly after the market open on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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