04.01.2006

Lavendon expect revenues of £100 million

The Lavendon group, owner of Nationwide Access, Zooom and Rapid Access says that revenues for 2005 were as forecast, roughly eight percent down on 2004. This equates to a turnover of just under £100 million.

All of the reduction stems from the sale of Zooom Austria in January 2005 and the 25 percent reduction in German revenues, following the reduction in its depot network and rental fleet.

The company says that cost savings in Germany, which should have revenues in the region of £21 million this year, have more than offset the revenue drop, resulting in a more positive financial performance.

In the UK, revenues have been stable, but margins have improved thanks to better rates and operational efficiencies.
Lavendon reports that “Zooom France and Spain have made progress during the year, while Rapid in the Middle East, continues its solid performance while prospects remain encouraging for the foreseeable future”.

The Group’s debt levels have continued to reduce in the second half of the year, driven by strong cash flows, making r5oom the company says, “to allow the acquisition of additional fleet capacity for the UK market”.