Lavendon Group reports that its UK subsidiary Nationwide Platforms has suffered a 5% decline in revenues in the first 10 months of 2013.
It says that the volume of transactions is ahead of last year but there are more smaller, cheaper machines being hired, rather than the high-reach high-margin ones – “thereby lowering the overall revenue and margin per hire”.
Lavendon has responded by reorganising the management team. “We have recently taken steps to strengthen the UK's organisational structure and management team to ensure the business is well positioned to continue its improving revenue trend into 2014,” the company said in its trading update.
Nationwide Platforms managing director Mike Potts, commercial director Rob Owen and HR director Kate Liggins are no longer with the company.
Lavendon Group CEO Don Kenny is the interim managing director of Nationwide until a permanent successor to Mr Potts is appointed.