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| Highlights |
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| Peter M Dawson, Chairman, commented: |
“Trading conditions improved marginally over the course of the year which helped turnover move forward by 2.3%. The improvement to profit was greater and arose from the continuation of the cost rationalisation measures introduced in 2009. This principally involved the disposal of assets which had become non-utilised as a result of the speed and severity of the economic downturn. At the start of 2009 the group managed 17,400 assets, its highest number ever. By the end of 2010 this number had been reduced to 16,000 and the resulting improvement to profit is testament to the group having adopted the correct policy.
In order to reduce the fleet size to a level aligned with current market conditions, as well as the above focus on the disposal of non-utilised assets, capital expenditure in the last 30 months has been restricted and consequently the age profile of our fleet has extended to beyond our normal expectations. Our business model has always been based on a high level of customer service together with sustained investment in our fleet and to ensure we maintain our position as the UK’s leading asset rental company, operating a modern premium quality fleet, I am pleased to report that £80m has been budgeted for fleet investment in 2011. Should economic conditions improve further than expected and asset disposals exceed budget, further capital will be invested.
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You can download our Report & Accounts 2010 in a PDF format. Click on the link below.
Report & Accounts 2010
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