10 July 2014 – trading update
The group has announced that rental revenues have increased by 7% during the first half of the year with strong growth in key UK and Middle East businesses. This growth is driving improved margins and profitability despite increased pressure on overseas earnings caused by the strength of sterling. Although net debt has increased slightly to £99m the planned investment programme for 2014 will be funded by cash flow. The group is increasingly confident of delivering on expectations for 2014 and we maintain our recommendation of BUY.