Higher rates help lift Nationwide
Nationwide, the UK’s leading powered access hire company, has reported rental revenue growth of just 1% in the first half of 2012, year-on-year.
This was achieved thanks to higher rental rates as the number of platforms out on hire actually declined.
Parent company Lavendon this morning issued a trading update to the Stock Exchange for the six months to 30 June 2012. The group, which has 48% of its revenues from Nationwide in the UK,performed ahead of the board's expectations. Overall revenues grew 6% compared with H1 2011, with one percentage point of this growth being derived from new equipment sales.
Revenue from the Middle East grew 30% in the first half and now accounts for 15% of the business, and rising.
Chief executive Don Kenny said: "The first half has seen an encouraging improvement in both revenues and margins. Whilst mindful of the continuing economic uncertainties, it is likely, given the group's current performance, that our results for the year will be ahead of the board's previous expectations."
Lavendon will announce its first half results on 31 August 2012.
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This article was published on 12/07/2012 (last updated on 12/07/2012).