Updates

Lavendon - EBITDA rises 5% to £75m

March 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Full year results came in at the top end of expectations with rental revenues broadly flat (+2%) at £220.7m whilst various self-help measures delivered pretax profit up 28% to £21.2m for eps of 12.8p. Speaking to chief executive Don Kenny, momentum is there with its four biggest territories all improving sales, returns and margins. New kit is helping the UK side in winning market share. Germany, the historical underperformer, is seeing the benefits of fleet redeployment and improved ROCE by 2.1% (to 9.7%) and margins should now improve. Given this is a big lump (sales £47m) any material improvement from the 10% margin versus mid teens elsewhere in Europe it will have a material effect. So too will the Middle East, which has seen a ...

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