LONDON (Alliance News) - Equipment rental company Lavendon Group PLC on Thursday said its 2015 results are set to come in at the high end of market expectations thanks to continued improvement in trading across the business.
Lavendon said its total revenue for the year rose 2.0%, driven by 7.0% growth in the Middle East, 3.0% growth in Continental Europe and a continued improvement over the course of the year in the UK. In the fourth quarter, revenue for the UK rose 1.0%, turning positive for the first time, even as it ended the year marginally lower, down 1.0%.
The company said its profit, margins and return on capital employed have all continued to improve, leading it set to deliver results for 2015 at the top end of market expectations.
"As we move into 2016, whilst recognising the recent increase in uncertainty of the economic outlook, we are looking forward to building on the momentum we have developed during the past few years and to making further progress in the year ahead," said Don Kenny, Lavendon's chief executive.
Lavendon shares were up 6.3% on the news to 135.25 pence, one of the best performers in the FTSE All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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