Lavendon Group is the market leader in the rental of powered access equipment across European and the Middle East. However, in the UK 鈥� a market that accounts for roughly half of its business 鈥� its revenue fell 4% in 2013 to 拢109.8m (2012: 拢114.8m). Underlying operating profit fell 13.6% to 拢16.5m (2012: 拢19.1m).
Rental revenue in the UK was down 4% in the year to 拢103.4m (2012: 拢107.7m). The year started slowly, with bad weather hitting business, but picked up through the year. Volumes were consistently ahead of those in 2012, while rental rates started poorly but strengthened over the second half.
There was also a slight decline in revenue and profits in Germany, modest growth in France but a stronger performance in the Middle East, where revenue rose 23% to 拢45.6m (2012: 拢37.1m) and underlying operating profit by 33% to 拢14.0m (2012: 拢10.5m).
Lavendon鈥檚 underlying operating margin in the Middle East was a healthy 31% for the year, more than double the 15% seen in the UK.
Overall, group revenue was up 1% for the year to 拢237.5m (2012: 拢234.6m) and pre-tax profit was up 12% to 拢23.4m (2012: 拢20.8m).
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