Lavendon (LVD), which is in the business of leasing motorised mounts and platforms across Europe and the Middle East, registered double-digit growth in sales and underlying profit during the first half. Investors returned the favour, jacking up the equipment hire group's shares by almost 9 per cent on results day.
Solid demand in France, market share gains in the UK and having nearly 1,000 more machines available for hire in the Middle East boosted the top line. Combined with operational improvements, that meant pre-tax profits climbed a tenth to £15.9m, if you exclude exceptional costs and amortisation. Lavendon suffered from weaker trading in parts of continental Europe, but management expects the ongoing restructuring of the German business to swing into profit during the traditionally stronger second half.