Lavendon – 177.625p

28th February 2013 – Final results

Lavendon, the market leader in the rental of powered access equipment across Europe and the Middle East have released   a strong set of final results. Revenue increased 4% year on year to £234.6m (2011: £225.4m), whilst profit before tax rose 26% to £27.6m (2011: £21.9m) and earnings per share rose 28% to 12.83p (2011: 10.03p). The dividend was increased by 57% to 2.75p (2011: 1.75p). Although the market in Europe remains challenging the group have the ability to redeploy assets to the more bouyant markets of the Middle East. Prospects for the group remain good and any upturn in the European market will provide increased returns. The shares have had a good run but we believe the medium term prospects remain strong. LONG TERM BUY

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