U.K.-based aerial rental specialist Lavendon Group plc said last week that its first half was in line with expectations despite a 7-percent revenue decline. The group posted first-half revenues of £114 million (about U.S. $185.5 million), compared with £123 million for the same period in 2008. Operating profit dropped from £20.7 million a year ago to £14.1 million for the first half of 2009.
Lavendon’s U.K. revenues dropped 20 percent. Same-store revenues, after adjusting for acquisitions, showed a 30-percent decline. Lavendon’s Germany operations increased 1 percent, while France and Belgium revenues dropped 9 percent, Spain’s revenues declined 32 percent and the Middle East operations increased 86 percent.
Middle East operations contributed 25 percent of the group’s EBITDA, compared with 11 percent in the first half of 2008.
Lavendon officials said the outlook in main European markets remains uncertain across all sectors, with demand in July being more subdued than expected. The company expects European markets to offer consolidation opportunities because of business distress.
