Full-year revenues for U.K.-based aerial rental company Lavendon Group totaled £226.9 million (about U.S. $343.5 million), a 12.6-percent decrease compared with £259.8 million in 2008. EBITDA was £80.4 million (about U.S. $121.7 million) a 17.4-percent decrease compared with £97.3 million in 2008.
“Although 2009 has been an extremely challenging year, we achieved a performance in line with our expectations,” said Lavendon chief executive Kevin Appleton. “With sharply declining revenues, we have mitigated the impact on underlying profitability by accelerating business integration and cost-reduction measures. We have dramatically reduced our net debt levels through a combination of increased free cash generation and a successful £77 million equity raising at the end of 2009, and, at the same time, revising banking covenants.”
The company said as the year progressed, the rate of deterioration in its European markets slowed and projects previously delayed in the Middle East — outside of Dubai — started to get underway.
“Whilst we do not anticipate a marked recovery in overall demand in 2010, we do believe that further significant deterioration in our markets is unlikely,” added Appleton.
Based in the U.K., Lavendon has operations in Germany, Belgium, France, Spain, Saudi Arabia and Dubai in the United Arab Emirates.