Lavendon Group, U.K.-based aerial equipment rental specialist, posted £237.5 million (about U.S. $398 million) in 2013, a 1-percent increase compared to £234.6 million in 2012.
“The group made further good progress during 2013, delivering results in line with our expectations,” said Lavendon Group chief executive Don Kenny. “Our decision to deploy capital into those markets that offer superior growth opportunities and the successful implementation of our three-year operational efficiency plan has continued to drive strong growth in our earnings. The proposed increase in our dividend reflects both our strong cash flows and the board’s confidence in the group’s future.”
Kenny said there were signs of improving market conditions in the U.K.
“Our primary focus is on revenue growth in our key markets,” he added. “With a more efficient business model established, we are well placed to drive revenues and deliver further earnings growth and improvement in our return on invested capital.
“Trading since the year end has been in line with the board’s expectations, and we believe the group is well positioned to deliver another year of financial progress and substantial shareholder value over the medium term.”
Lavendon has branches in the United Kingdom, Germany, Belgium, France, Bahrain, India, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Its fleet totals more than 20,000 units.
Lavendon is based in Lutterworth, Leicestershire, U.K.