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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Hydraulic lift rental specialist Lavendon made "good progress" in the first half, with profit up 43% and trading since the end of the period in line with expectations.

Profit before tax for the six months ended 30 June shot up to £11.9m from £8.3m in 2007 on revenue 40% better at £116.4m.

“Whilst we remain watchful of the current uncertain economic environment, the group is presently seeing no marked change, with the exception of Spain, in market demand levels,” it said.

“There is currently little sign that our main markets are materially over-supplied with equipment.”

Chairman John Gordon added that the £46.8m acquisition of The Platform Company earlier this year has allowed the firm to reduce its capital expenditure programme for the year by £20m. It remains comfortable with its level of debt.

The interim dividend rises 21% to 3.33p a share.

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