Powered access hire specialist Lavendon, which under the Nationwide brand operates the UK's largest fleet, told shareholders at the company’s annual general meeting today that the board was confident of meeting its targets for the year. It remains on track to deliver £5m annualised operational efficiency gains by the end of 2013, it said.
Revenues had been disrupted in much of Europe at the start of the year, but the Middle East operation had seen a 34% jump, year on year.
Lavendon chief executive Don Kenny said: "The group's first quarter trading performance is in line with the trends we reported in our 2012 results statement in February. It reflects the disruption to our European revenues caused by prolonged periods of adverse weather, largely offset by the continued strong performance of our Middle East business. We are continuing to achieve tangible improvements to our operational and capital efficiency, which will underpin our ability to deliver further progress in our key objective of improving our ROCE [return on capital employed]. Whilst ever mindful of the continuing economic uncertainties in our European markets, the Board is confident of delivering its expectations for the year."