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Lavendon lowers full year guidance
Wed, 08 Feb, 2012
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Lavendon lowers full year guidance
Fri, 27 Aug 2010, 15:44:00
Powered equipment leaser <b>Lavendon </b>disappointed the market with lacklustre first half figures and a downgrade to full year earnings expectations. Revenues were down to £106m from £114m the year before while underlying earnings before interest, tax, depreciation and amortisation slipped to £30.5m from £40.5m a year earlier. Underlying profit before tax slumped to £1m from £5.3m. Net debt at the half year stage narrowed to £167.6m from £182,1m at the end of 2009. The interim dividend was chopped to 0.33p to 1.00p. The company is seeing an improving trend in trading in a number of its markets, but has revised its full year profit expectations downwards due to slower than anticipated pick up in Germany and continued delays in project ramp-ups in the Gulf. On the plus side, the company said it remains on track to deliver debt reduction targets due to good operating cash flow and careful management of capital expenditure.
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