Rapid Access sees 22% revenue growth in the GCC
The Lavendon Group posts positive H1 results, and attributes much of the success to buoyancy in the Gulf
The Lavendon Group achieved a 22% growth in revenue year-on-year in the first half of the 2016 in the GCC – where it is represented in all six countries by aerial access rental company Rapid Access – on the back of higher utilisation of a larger fleet.
Across the region, the company attributed its ongoing revenue growth to activity in the UAE, Kuwait, Oman and Qatar, which notably helped to helped offset a decline in its Saudi Arabian operation.
This group’s revenue growth in the GCC was ahead of its performance in Europe, where revenues were still up, but by 3%, driven largely by a 10% increase in France and a 7% increase in the UK, but weighed by a 2% decline in Germany.
Don Kenny, CEO of Lavendon, said the growth reflected the benefits of its investment programme in 2015 to strengthen its market positions in all regions, “and the continued operational improvements made during the first half to support the delivery of our growth plans.”
Overall, the growth achieved an aggregated revenue growth rate of 11% across its various markets.