British high-reach rental specialist Lavendon last week said its revenue for the 10 months ended Oct. 31 rose 36 percent compared with the same period last year on improved operating margins. The company said it remained confident it would deliver results in line with its expectations for the current year, despite difficult trading conditions across its UK and European operations.
“Given the increasingly uncertain economic outlook, we have revised our operational plans for 2009 to focus more aggressively on cash generation and thereby debt reduction,” the company said in a statement.
Lavendon said it plans to cut its capital spending program for 2009 by £30 million (about U.S. $44 million), and focus the remaining investment on its expanding Middle East operations and other areas that offer growth opportunities.
Recent acquisitions have helped Lavendon increase its revenues, particularly the Platform Co., which Lavendon acquired in April. The company’s revenues in the Middle East grew 27 percent, U.K. operations jumped 26 percent, Germany 7 percent, with positive growth in France, Belgium and Spain.