Nationwide operates the UK’s largest fleet of powered access equipment for hire. It is the UK arm of Lavendon Group, which also operates access hire businesses in Germany, Belgium, France and the Middle East.
Lavendon has reported UK rental revenue up just 1% for the three months to 31 March 2012. The UK accounts for 48% of group operations.
Overall group revenue was up 6% in the first quarter, thanks to a 28% leap in rental revenues in the growing Middle East business. France also saw strong growth of 27% thanks to redeployment of kit from Spain, a market that Lavendon recently quit.
Factoring in sales of used equipment, total group revenues for the first quarter were up 8%.
Net debt remained unchanged during the quarter at £108m. A planned increased capital expenditure programme for 2102 is expected to be funded from cashflow.