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Lavendon profit more than halves
Thu, 09 Sep, 2010
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Lavendon profit more than halves
Wed, 3 Mar 2010, 08:44:00
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Related Market Prices
Name
Value
Percent
Change
Lavendon Group
52.25p
+5.56%
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Powered platform specialist <b>Lavendon</b> said pre-tax profit more than halved in 2009 and while market conditions aren't expected to deteriorate further it doesn't anticipate any material recovery in 2010 either. Profit before tax fell £13.9m for the year ended 31 December 2009 compared to £30.4m in 2008. Revenue for the year dropped 12.7% to £226.9m. Lavendon said prolonged adverse weather conditions impacted trading since January, particularly in mainland Europe. Commenting on the group's strategy chief executive Kevin Appleton said, "Although 2009 has been an extremely challenging year, we achieved a performance in line with our expectations. With sharply declining revenues, we have mitigated the impact on underlying profitability by accelerating business integration and cost reduction measures." A final dividend of 0.60p per share has been proposed, down from 1.67p in 2008.
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