RNS Number:2335I
Lavendon Group PLC
04 March 2003
4 March 2003
Lavendon Group plc
2003 Preliminary Results
Lavendon Group is Europe's market leader in the rental of
powered access equipment. Powered access provides a high
degree of flexibility, thereby reducing labour costs and
saving both time and money. The equipment is quick, safe,
convenient and highly manoeuvrable. Consequently, it is now
used to provide temporary aerial access in a variety of
applications and is fast becoming industry's favoured option
when compared to traditional access methods such as
scaffolding, ladders and aluminium towers. It is also ideal
for a wide range of other applications including industrial
and building maintenance, construction, sign erection, outside
broadcasting, telecommunications, tree surgery and highway
maintenance.
Results
- Turnover increased by 14% to #103.0m (2001: #90.1m)
- Operating profits, before exceptional costs of #12.0m (2001: #14.9m)
- Operating profit, after exceptional costs of #10.8m (2001: #14.3m)
- Profit before tax and exceptional costs of #6.0m (2001:#9.9m)
- Profit before tax and after exceptional costs of #4.8m (2001: #9.3m)
- EBITDA remained solid at #35.3m (2001: #35.4m).
- Earnings per share before exceptional costs of 11.69p (2001: 18.87p)
- Earnings per share after exceptional costs of 9.57p (2001: 17.76p).
- Dividend of 4.70 pence per share (unchanged total dividend of 6.95 pence per
share)
- Total number of active customers increased by 15% to just over 34,500
(2001: 30,000)
- UK revenues grew by 12% to #60.7m (2001: #54.3m) and operating profits,
before exceptional costs, increased to #13.3m (2001: #12.5m). After
exceptional costs, operating profit increased to #12.4m (2001: #12m)
- Combined revenues from France, Spain and Austria increased to #7.8m
(2001: #3.0m) with operating losses reducing from #1.1m to #0.3m.
Outlook
David Price, Executive Chairman, said today:
"Overall, we are broadly in line with expectations. We remain
convinced that the long-term case for powered access rental in
Europe is compelling. With an estimated demand growth of over
400% in the last 10 years, this relatively young industry is
widely expected to return to this trend once the existing
combination of a slowing economic environment, aggravated by a
short-term over-supply of powered access equipment is
resolved.
Given the operational gearing of the business, an improvement
in economic conditions and demand would have a significant
positive impact on the Group's profitability. We have a good
business model, excellent staff and a market with good
medium/long-term prospects which we believe will enable us to
weather the present conditions and emerge in good shape."
For further information:
Lavendon Group plc 020 7067 0700
David Price, Executive Chairman From 5 March 01455 558874
Kevin Appleton, Chief Executive
Alan Merrell, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Peter Corbin
CHAIRMAN'S STATEMENT
Summary
The last twelve months have been a period of consolidation for
the Group following the major fleet investment programme that
occurred during 2000 and 2001. Management focus during the
year centred mainly upon Germany, where economic conditions
remain weak and results were very disappointing, with a
trading loss for the year being incurred for the first time
since the business was established in 1996. Trading in the UK,
Spain and the Middle East was good, whilst France made some
encouraging progress during the second half of the year.
Potential Offer Discussions
The Board announced on 23 August 2002 that an unsolicited
approach had been received which might lead to an offer for
the company. Subsequently, the executive directors were given
leave to explore the possibility of a management buy-out and a
preferred private equity provider was selected to work with;
however, it became clear that, given the situation in Germany,
there was no certainty that an offer, which would be
acceptable to shareholders, would be made. At that stage, the
Board unanimously agreed on 3 February 2003 to terminate all
discussions rather than risk damage to the business through
continuing uncertainty and distraction of management, staff
and customers, which could have continued for many weeks, if
not months, and still not resulted in an acceptable offer.
The Board determined, therefore, that management should focus
exclusively upon delivering performance, which we believe to
be the most appropriate way to enhance the value of the
company to the benefit of all shareholders.
Financial Results
Trading results for the twelve months to 31 December 2002 were
broadly in line with management's expectations. The
turnover for the Group increased by 14% to #103.0 million
(2001: #90.1 million), with operating profits before
exceptional items declining to #12.0 million (2001: #14.9
million). The exceptional items totalled #1.2 million (2001:
#0.6 million) and related mainly to restructuring costs in
Germany. The balance comprised fees payable to our advisors in
relation to the offer discussions, and fees relating to the re-
negotiation of our banking facilities. The operating profits
after exceptional items were #10.8 million (2001: #14.3
million). The Group's operating margin before exceptional
items reduced to 11.7% (2001: 16.5%), due to a combination of
the expansion of the cost base following the completion of the
accelerated investment programme, and insufficient revenue
growth being generated from this increased asset base,
particularly in Germany, where increases in activity levels
were largely absorbed by hire rate reductions.
Despite the reduced operating profit, the Group's earnings
before interest, tax, depreciation and amortisation (EBITDA)
remained solid at #35.3 million (2001: #35.4 million). After
movements in working capital, the net operating cashflow was
#28.8 million (2001: #35.6 million), the reduction against the
previous year reflecting an increase in trade receivables as a
result of the revenue growth and the reversal of a VAT timing
benefit in previous years relating to the fleet investment
programme. Each of the Group's operations remained cash
generative during the year.
Profit before tax and exceptional items was #6.0 million
(2001: #9.9 million). After the exceptional items, the profit
before tax was #4.8 million (2001: #9.3 million).
Earnings per share before exceptional costs were 11.69p (2001:
18.87p) and after exceptional costs, were 9.57p (2001:
17.76p).
A new accounting standard on deferred tax, FRS 19, has been
adopted by the Group. This new standard requires full
provision to be made for deferred tax rather than the partial
provision method previously used. The accounting adjustment
required by FRS 19 has been dealt with by a prior year
adjustment, the effect of which is to increase the deferred
tax provision at 31 December 2001, and thereby lower the
Group's net assets by #3.5m. This adjustment does not impact
the timing or the amount of tax the Group will pay in future
years.
Net debt at the year end was #114.1 million (2001: #98.4
million), with approximately #5.3 million of the increase
resulting from the translation of debt denominated in Euros at
a weaker Sterling to Euro exchange rate at 31 December 2002.
The net debt to equity ratio of the Group increased to 125% at
the year-end (2001: 110%), as amounts owing to equipment
suppliers were paid and the adoption of FRS 19, which had the
effect of reducing the Group's net assets, were factored into
the calculation. Following our recent investment programme
the Board considers there is unlikely to be a need for any
significant capital expenditure in the near future.
Accordingly, the cash flows being generated from operations
will, after settlement of the amounts owing to equipment
suppliers brought forward from 2002 of #12.3 million and a
minimal capital expenditure programme in 2003, be applied in
reducing our debt levels and, in turn, our interest costs. All
of our debt facilities remain in place and the revised
covenants negotiated with our banks provide the necessary
financial flexibility to continue the development of the
business.
Dividend
A final dividend of 4.70 pence per share is being proposed,
which, if approved, will be paid on 2 June 2003 to
shareholders on the register on 14 March 2003. The total
dividend of 6.95 pence per share will represent an unchanged
position over 2001.
Business Review
Demand for powered access is still increasing across Europe
and the Middle East. Revenue growth for the Group was 14%,
with the number of active customers growing by 15% to give a
total active customer base of over 34,500, compared to 30,000
in 2001.
UK
The UK is our largest market and the business continues to
perform well. Revenues grew by 12% to #60.7 million (2001:
#54.3 million) and the active customer base expanded by 6% to
14,367. Average hire rates remained stable and operating
profits, before exceptional costs, in the UK increased by 6%
to #13.3 million (2001: #12.5 million). Operating margins,
before exceptional costs, reduced to 22% (2001: 23%) as a
consequence of the full year costs of our investment programme
in 2001. After exceptional costs the operating profits
increased by 4% to #12.4 million (2001: #12.0 million), with
operating margins reducing to 21% (2001: 22%).
The strategy for our UK business now centres around two key
areas:-
1.Driving fleet utilisation harder by rolling out customer
development programmes to a wider customer base in order to
improve operational leverage.
2.Securing further operational improvement via our key
performance indicator reporting systems aimed at improving
margins and customer service benefits.
To support the strategy to increase utilisation levels, the UK
rental fleet will not be expanded during 2003, as our planned
growth objectives for the current year can be achieved from
the fleet and network already in place. Furthermore, we are
encouraged by the continued growth of powered access generally
in the UK in spite of considerable current weakness in the
manufacturing sector, one of our major markets.
We expect the year ahead to be a challenging period in regard
to the economic environment generally, but the business
fundamentals are strong and we believe that the plans that are
in place will allow the UK business to make further progress
during the year.
Germany
Market conditions in Germany have not materially changed from
the situation we reported previously. The lack of business
confidence across much of the country is causing significant
cutbacks in repair, maintenance and refurbishment programmes
and this, combined with a declining construction sector, is
seriously impeding our ability to grow revenues. Progress has
been extremely difficult and frustrating and is very much a
case of two steps forward followed by three steps backward in
what are proving to be very persistent and severe headwinds.
We were able to expand the active customer base by 13% to
18,219 in the year, but because average customer workloads
were down, this resulted in an increase of only 9% in the
number of machines on hire. The bulk of this improvement was
absorbed by a 7% softening in hire rates, caused by excess
capacity chasing insufficient total demand growth. The result
was a disappointing 2% growth in revenue for the year which
was inadequate to cover the increased cost base and produced
an operating loss for the year of #1.9 million (2001:
operating profit of #2.4 million). After exceptional costs, the
operating loss was #2.3 mllion (2001: operating profit of #2.4
million).
The combination of equipment oversupply and widespread
expenditure cutbacks from many of our customers reflects the
continued challenges presented by such a weak economic
environment.
Action was taken during the second half of the year to reduce
the cost base of the business, through headcount reductions,
fleet redeployment to markets with stronger short-term
prospects and other cost-saving measures, giving, in total, an
annualised saving of #1.2 million. The consequence of these
actions, combined with a seasonal upturn in activity during
the second half of the year, reduced the operating loss,
before exceptional costs, to #0.3 million for the second six
months, compared to a loss of #1.6 million in the first half
of the year. After exceptional costs, the operating loss for
the second half was #0.7 million compared to #1.6 million from
the first half of the year.
The cornerstone of our strategy for the German business is to
continue the implementation of the business operating model
which has been so successful in the UK. The transfer process
is well advanced in terms of customer service standards, fleet
maintenance procedures and networking capability (a full
national network is now in place). Furthermore, the adoption
in Germany of the National Account Management Programme at the
start of 2002 delivered revenue growth from this sector up 12%
on the previous year, with an encouraging 35% growth from our
250 largest customers. To facilitate further progress, we have
appointed a new country manager to run the German operation.
The crucial final piece in the equation is the implementation
of the Group standard IT operating system, which will be live
in the second quarter of this year, which provides enterprise-
wide support for all major business processes. The benefits of
this system should begin to impact in the second half of 2003
and along with the cost savings already described, as well as
other ongoing performance improvements, should enable progress
to be made in 2003.
Looking forward, we are preparing for another tough year in
2003. We expect to have completed the roll-out of most of the
key management and systems improvements during the year, which
will bring our German business closer to the standards of
operating efficiency available in the UK business. These
improvements enable a more responsive and systematic approach
to performance management and, along with the reduced cost
base, will shore up our ability to deal with the unhelpful
economic conditions.
Whilst these are clearly extremely difficult and challenging
times, we nevertheless retain our strongly held belief that
Germany has every prospect of becoming Europe's largest market
for powered access rental, and that our market-leading
position will enable us to secure attractive future returns.
Rest of Europe
France
Our French business comprises a network of 5 depots (no change
from 2001) and was able to record strong revenue growth of 68%
to #3.7 million (2001: #2.2 million) following an increase in
the rental fleet from 425 units to 653 at the year end. With
an average depot fleet size of 130, the operation now has
sufficient scale to become viable without further investment.
Rental rates remain weak, but there is now a small improvement
in the competitive environment there and this, together with a
more optimal depot fleet configuration, allowed year on year
operating losses to reduce from #1.0 million in 2001 to #0.8
million in 2002. The improving trend in the latter months of
2002 is expected to continue through 2003 and further measures
are in place to support that trend.
Spain
The Spanish operation made considerable progress during the
year, with revenues increasing to #2.9 million (2001: #0.5
million), producing an operating profit of #0.5 million
compared to an operating loss in the previous year of #0.1
million. The rental fleet was increased to 494 units by the
end of the year, and now operates from a network of four depots.
Demand levels for the rental of powered access remain high and
we are encouraged by prospects for 2003.
Austria
Revenues from the Austrian business increased to #1.2 million
from #0.3 million in the previous year and continued to
produce a broadly breakeven trading result as a consequence of
the increase in the cost base relating to fleet and depot
expansion. This business is managed as part of our German
operation and similar performance improvement programmes are
being implemented.
The combined revenues from France, Spain and Austria increased
to #7.8 million (2001: #3.0 million) with the operating loss
reduced by 73% to #0.3 million (2001: #1.1 million).
The strategy for the evolving businesses in France, Spain and
Austria is for a prudent development of their fleet earning
potential, but with fleet additions sourced exclusively from
Group resources as appropriate. In addition, we intend to
drive through improvements in the quality of systems support
available to management by rolling out the proven IT systems
currently in use in the UK. This has already happened in
Austria.
Middle East
The region demonstrated good progress, with revenues
increasing by 29% to #4.0 million (2001: #3.1 million).
The operations were expanded during the year, with a second
depot opening in Saudi Arabia and our first facility being
established in Kuwait, which created a drag on the
profitability of the region, with operating profits remaining
stable year on year at #0.9 million (2001: #0.9 million).
However, these new depots started to contribute positively to
the profits of the region towards the end of the year as their
customer base development proceeded to plan.
In the second half of 2002, there was a distinct improvement
in demand levels which has continued into 2003, due to a
number of previously delayed oil and gas-related projects
commencing. Overall, we are confident that, absent major
geopolitical events, further progress will be made in the
region during 2003.
Lavendon Board
Kevin Appleton was appointed Group Chief Executive at the
start of last year, whilst I remain as Executive Chairman of
the Group. By the end of the current year, we expect to have
completed the implementation in Germany of the management
organisation structure changes and the Group standard IT
systems, which will bring the business into line with the
operating model used so successfully in the UK.
Once these important changes and improvements are in place and
demonstrated, I intend to move to a position of part-time
Executive Chairman, probably with effect from 1 January 2004.
Outlook
We remain convinced that the long term case for powered access
rental in Europe is compelling. With an estimated demand
growth of over 400% in the last 10 years, this relatively
young industry is widely expected to return to this trend once
the existing combination of a slowing economic environment,
aggravated by a short term over-supply of powered access
equipment, is resolved. Market growth should then return
across Europe with the potential for a further five-fold
increase before equivalent levels of uptake to those
experienced today in North America are reached.
We believe the years 2001 to 2003 will represent a period of
relatively slow evolution in demand for powered access and our
operating strategy has been flexed to deal with this. The
phase of accelerated capital investment to secure key European
markets is now at an end. Our current focus turns naturally in
favour of improving the profitability of the business in
these markets and utilising the Group's cashflow to reduce
current debt levels.
Given the operational gearing of the business, an improvement
in economic conditions and demand would have a significant
positive impact on the Group's profitability.
Trading so far this year has continued the pattern of 2002,
with subdued demand in Germany and a generally satisfactory
start elsewhere, in the traditionally quiet period following
the Christmas and New Year holiday. Overall, we are broadly in
line with our expectations. We remain cautious while the
general atmosphere of uncertainty prevails. We have,
nevertheless, a good business model, excellent staff and a
market with good medium/long term prospects which we believe
will enable us to weather the present conditions and emerge in
good shape.
David Price
Executive Chairman
3 March 2003
Consolidated profit and loss account
for the year ended
31 December 2002
As restated
2002 2001
#000 #000
________________________________________________________________________________________
Group turnover 103,033 90,094
Cost of sales (57,368) (49,703)
________________________________________________________________________________________
Gross profit 45,665 40,391
Operating expenses before exceptional operating expenses (33,661) (25,517)
Exceptional operating expenses (1,199) (570)
________________________________________________________________________________________
Net operating expenses (34,860) (26,087)
________________________________________________________________________________________
Group operating profit 10,805 14,304
Investment income 8 19
________________________________________________________________________________________
Profit on ordinary activities before interest 10,813 14,323
Interest payable (6,009) (4,977)
________________________________________________________________________________________
Profit on ordinary activities before taxation 4,804 9,346
Taxation on profit on ordinary activities (1,263) (2,976)
________________________________________________________________________________________
Profit on ordinary activities after taxation 3,541 6,370
Dividends (2,572) (2,572)
________________________________________________________________________________________
Profit retained for the year 969 3,798
________________________________________________________________________________________
Earnings per ordinary share - basic 9.57 p 17.76 p
- diluted 9.55 p 17.73 p
- before exceptional operating expenses 11.69p 18.87 p
________________________________________________________________________________________
Statement of total recognised gains and losses
Profit on ordinary activities after taxation 3,541 6,370
Currency translation differences 301 (199)
________________________________________________________________________________________
Total recognised gains and losses for the year 3,842 6,171
________________________________________________________________________________________
Prior year restatement (3,532) -
Total gains since the last annual report 310 6,171
________________________________________________________________________________________
There is no difference between the profit on ordinary activities before taxation and
the retained profits as stated above, and their historical cost equivalents.
All of the Group's trading activities relate to continuing operations for the year.
Consolidated balance sheet
at 31 December 2002
As restated
2002 2001
#000 #000
______________________________________________________________________________
Fixed assets
Intangible assets 957 839
Tangible assets 216,471 212,279
______________________________________________________________________________
217,428 213,118
Current assets
Stocks 886 732
Debtors 27,152 23,072
Cash at bank and in hand 2,916 2,065
______________________________________________________________________________
30,954 25,869
Creditors - amounts falling due within one year (38,619) (45,950)
______________________________________________________________________________
Net current (liabilities) (7,665) (20,081)
______________________________________________________________________________
Total assets less current liabilities 209,763 193,037
Creditors - amounts falling due after more than one year) (104,842) (90,507)
Provisions for liabilities and charges (14,001) (12,880)
______________________________________________________________________________
(118,843) (103,387)
______________________________________________________________________________
Net assets 90,920 89,650
______________________________________________________________________________
Capital and reserves
Called up share capital 370 370
Share premium account 70,412 70,412
Capital redemption reserve 4 4
Profit and loss account 20,134 18,864
______________________________________________________________________________
Equity shareholders' funds 90,920 89,650
______________________________________________________________________________
Consolidated cash flow statement
for the year ended 31 December 2002
2002 2001
#000 #000
_________________________________________________________________________________
Net cash inflow from operating activities 28,811 35,587
_________________________________________________________________________________
Returns on investment and servicing of finance:
Interest received 8 19
Interest paid on bank borrowings (3,813) (2,777)
Interest paid on hire purchase and finance lease agreements (2,009) (2,093)
Interest paid on bills of exchange - (3)
_________________________________________________________________________________
(5,814) (4,854)
Taxation:
United Kingdom corporation tax paid (280) (187)
Capital expenditure and financial investment:
Purchase of tangible fixed assets (23,505) (69,740)
Sale of tangible fixed assets 4,836 697
Purchase of intangible assets (200) -
_________________________________________________________________________________
(18,869) (69,043)
Equity dividends paid (2,572) (2,172)
_________________________________________________________________________________
Net cash inflow / (outflow) before management
of liquid resources and financing 1,276 (40,669)
Financing:
Issue of ordinary shares - 29,136
New loans 11,660 51,333
Repayment of loans - (28,000)
Repayment of principal under hire
purchase and finance lease agreements (12,054) (9,752)
Repayment of principal under bills of exchange - 69
_________________________________________________________________________________
(394) 42,648
Expenses of share issue - (885)
_________________________________________________________________________________
Net cash (outflow) / inflow from financing (394) 41,763
_________________________________________________________________________________
Increase in cash during the year 882 1,094
_________________________________________________________________________________
Reconciliation of operating profit to net cash inflow from operating activities
2002 2001
#000 #000
Operating profit 10,805 14,304
Amortisation 132 127
Depreciation on tangible 24,314 20,971
fixed assets
Gain on sale of tangible (292) (299)
fixed assets
(Increase) in stocks (147) (176)
(Increase) in trade debtors (2,782) (3,416)
(Increase) / decrease in prepayments, (390) 1,144
accrued income and other debtors
(Decrease) / increase in (1,781) 453
trade creditors
(Decrease) / increase in taxation, social (1,048) 2,479
security, accruals and other creditors
___________ __________
Net cash inflow from operating activities 28,811 35,587
___________ __________
Reconciliation of net cash flow movement to movement in net debt
2002 2001
#000 #000
Net increase in cash 882 1,094
Inflow / (outflow) from increase in debt 394 (13,512)
___________ __________
Change in net debt resulting from cash flows 1,276 (12,418)
Non-cash items:
New hire purchase and finance lease agreements (11,591) (17,084)
Currency translation differences - on cash and
net debts (5,324) 1,133
___________ __________
Movement in net debt in the period (15,639) (28,369)
Net debt at 1 January (98,440) (70,071)
___________ __________
Net debt at 31 December (114,079) (98,440)
___________ __________
Analysis of changes in net debt during the year
At Currency At
1 January Other non- translation 31 December
2002 cashflows cash items differences 2002
#000 #000 #000 #000 #000
_________ _________ _________ _________ _________
Cash at bank and in hand 2,065 748 - 103 2,916
Bank overdrafts (328) 134 - - (194)
1,737 882 - 103 2,722
Bank debt due after one year (63,855) (11,660) - (4,513) (80,028)
Hire purchase and finance lease agreements (36,322) 12,054 (11,591) (914) (36,773)
_________ _________ _________ _________ _________
(100,177) 394 (11,591) (5,427) (116,801)
_________ _________ _________ _________ _________
Total (98,440) 1,276 (11,591) (5,324) (114,079)
_________ _________ _________ _________ _________
Capital creditors in respect of fixed asset additions decreased by #8,353,000.
Segmental analysis
Turnover by geographical destination:
2002 2001
#000 #000
__________________________________________________________________
United Kingdom 60,886 53,907
Rest of Europe 38,113 33,029
Rest of World 4,034 3,158
__________________________________________________________________
Total Group turnover 103,033 90,094
__________________________________________________________________
Turnover and operating profit by geographical origin:
2002 2001
Operating Operating
Turnover profit Turnover profit
#000 #000 #000 #000
_____________________________________________________________________________________
United Kingdom 60,736 12,433 54,291 11,969
Rest of Europe 38,263 (2,511) 32,665 1,451
Rest of World 4,03 883 3,138 884
_____________________________________________________________________________________
Total Group turnover and operating profit 103,033 10,805 90,094 14,304
_____________________________________________________________________________________
Net assets by geographical origin:
As restated
2002 2001
#000 #000
______________________________________________________________________
United Kingdom 28,381 28,618
Rest of Europe 60,687 59,432
Rest of World 1,852 1,600
______________________________________________________________________
Total Group net assets 90,920 89,650
______________________________________________________________________
Notes
1. The consolidated accounts of the Group are prepared under the historical
cost convention and in accordance with applicable Accounting Standards
in the United Kingdom. The Group has adopted Financial Reporting Standard
19 (FRS 19) "Deferred Taxation" during 2002 which requires full provision
for deferred taxation. FRS19 replaces the accounting policy SSAP15 which
previously required deferred taxation to be provided on a partial basis
to reflect taxation timing differences to the extent that they could be
anticipated to be reversed in future years. The effect of this change in
accounting policy is to increase the deferred taxation provision in the
prior years and hence reduce retained profits by an amount of #3.532m, of
which #0.173m related to the year to December 2001. The effect of the
change in accounting policy in the 2002 has been a reduction in the
deferred taxation provision and hence an increase in retained profits by an
amount of #0.169m.
2. Earnings per share calculations are based on:
(a) the profit for the year, after deducting taxation, of #3,541,000 (2001:
#6,370,000); and
(b) the weighted average of 37,003,383 ordinary shares in issue during the
year (2001: 35,869,978)
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume issue of all dilutive
potential ordinary shares, based on the average market price of the
Company's shares of #1.790 (2001: #3.536). The Group has only one category
of dilutive potential ordinary shares: those options granted to employees
where the exercise price is less than the average market price of the
Company's ordinary shares during the year. The effect of this dilution is
to increase the weighted average number of ordinary shares to 37,080,025
(2001: 35,934,143).
Earnings per share before exceptional operating expenses has been
calculated after adjustment for exceptional items and the related tax
effect based on the basic number of shares in issue.
3. The financial information set out in this announcement does not constitute
the Group statutory accounts for the year ended 31 December 2002 or
31 December 2001, but is derived from these accounts. The statutory
accounts for the Group for the year ended 31 December 2002 and 2001 were
reported on by the auditors without qualification and such reports did not
contain any statement under section 237(2) or (3) of the Companies Act
1985. The accounts for 2001 have been delivered to the Registrar of
Companies and those for 2002 will be delivered in due course.
4. The Annual General Meeting of Lavendon Group plc will be held at
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT on 15 April 2003 at 10:30am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UOARROARORUR