U.K.-based aerial equipment specialist Lavendon reported revenues and profits that topped expectations for the first half of 2012. Total revenues jumped 8 percent to £114.5 million (about U.S. $182 million), with a 4-percent increase in rental revenues.
Underlying profits increased 31 percent to £13.6 million, compared to £10.4 million a year ago, with margins increasing to 11.9 percent compared to 9.8 percent for the first six months of 2011.
“It is our continued aim to drive ROCE to a sustainable level in excess of the cost of capital over the business cycle and we believe the Group is well positioned to achieve this,” said Lavendon chief executive Don Kenny. “Performance in the first half of the year has been good, with our results coming in ahead of our original expectations. Revenues, profits, margins and our ROCE have all improved over 2011 whilst net debt has continued to fall.”
Lavendon has posted strong rental revenue growth in France and the Middle East, the company said. The company is based in Lutterworth, Leicestershire, U.K.