20.06.2007

Lavendon releases trading statement

The Lavendon group has confirmed that a strong start to the year along with its acquisitions has boosted revenues for the first five months by 48 percent compared to the same period in 2006.

It also says that group operating margins have improved significantly during the period to the point that it expects to exceed its current forecasts and market expectations.

Revenues in the UK increased by 26 percent over 2006, including a like for like/same store improvement of 11.percent. with operating margins have throughout the business. The acquisitions of both Rise Hire and Wizard Workspace, will add to this growth in the second half..

In Germany, revenues are up by 134 percent with organic growth of 18 percent and the balance form the acquisition of Gardemann. The business has also returned to profit with further progress expected in the second half of the year.

The decline in French revenues has slowed to seven percent with, the company says, progress being made on reducing its operating losses.

In Spain, revenues increased by 33 percent, with a corresponding strong improvement in operating margins.

Growth in the Middle East continues at a strong pace, resulting in an 83 percent increase in revenues for the first five months of the year.

The group says that trading remains strong and that it is continuing to explore acquisition opportunities that can further enhance the performance of the Group and increase returns to shareholders.