Profit and revenue boosted at Lavendon
Lavendon Group, based in Lutterworth, has said pre-tax profit has soared 510 per cent to more than £6m in its latest financial results.
The company, which supplies powered access rental equipment, said profit before tax had increased from £1m in 2010 to £6.1m for the six months to 30 June 2011.
Revenue was also up by 4 per cent to £110.1m. Earnings per share increased by 524 per cent, hitting 2.81 pence.
John Standen, executive chairman, said: "We are pleased with the improved performance of the group in the first half of 2011. The modest recovery in our markets combined with operational improvements have both contributed to increased operating margins and return on capital employed (ROCE). Net debt has continued to fall in line with our plans.
"Following the reviews conducted earlier in the year, we remain confident of the significant benefits which will accrue to the business, both in terms of operational initiatives and our focus on efficient capital allocation."
