Lavendon – 164.4p

18 April 2013 – interim management statement

This trading update covers the quietest quarter for Lavendon, from 1 January to date. Trading in Europe remains tough and has also been disrupted by adverse weather conditions, with trading in the UK down 7% and Germany down 12%. This is expected to be recovered as the year progresses. The Middle East, however, continued to show strong growth with revenue growing 34%.  On a rating of 11.5x falling to 10x to Dec 2014 the shares remain good value and any upturn in the core markets will drive an uplift in forecasts. LONG TERM BUY

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