LONDON (Alliance News) - Equipment rental firm Lavendon Group PLC on Thursday said trading in the first half of 2016 was in line with its expectations.
Lavendon said total revenue in the first half to the end of June grew 11% year-on-year, with rental revenue rising 9.0%. UK rental revenue rose 7.0% and Middle East rental revenue was up 22%, driving the total higher as Continental Europe revenue increased 3.0%.
The group said it increased investment in its UK fleet in the first half and while this will have a short-term impact on margins, it anticipates this will unwind over the course of the second half.
"Given the encouraging trading performance in the first half, together with the degree of resilience provided by our international operations, the board remains confident of making further progress during the year and delivering on its expectations for 2016," said Lavendon Chief Executive Don Kenny.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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