23.05.2005

Finning profits up 56 percent

Finning International, Canadian based owner if Finning UK and Hewden Stuart, Europe’s largest rental company, has reported record first quarter revenues of C$1,153 million,(£500 million) an increase of 19 percent over the first quarter of 2004.

Net income for the quarter, rose by over 56 percent to C$37.4 million, (16,2 million) compared with 2004

Finning UK revenues rose in sterling terms by over 20 percent
Hewden revenues moved ahead by 2.6 percent in sterling (1.9% in C$) to C$162 (£70.3) million. Profitability at the UK’s largest hire company remained roughly static, with improved utilisation offset by increased supplier costs.