UPDATE 2-Lavendon lowers '09 profit view, to cut more jobs
* Plans to cut more jobs in Europe, UK in 2009
* To save 5-6 mln stg in 2009 from fleet sale
* Revises banking covenants
* Further cuts 2009 capex to 8 mln stg from 20 mln
* Shares close down 12.5 pct (Recasts, adds job cut details, CEO comments)
By Kumar Alagappan
BANGALORE, April 23 (Reuters) - Access equipment rental company Lavendon Group Plc (LVD.L: Quote, Profile, Research) cut its full-year pretax profit estimates as trading conditions worsened in Europe, and said it planned to reduce more jobs in mainland Europe and the UK during 2009.
In view of the uncertainty in its end-user markets, it revised its banking covenants with a 125 basis point rise in the margin payable on borrowings, to create more covenant headroom and provide further flexibility, the company said.
Lavendon, which rents out powered aerial work platforms such as boom lifts, scissor lifts, van mounts and truck mounts that enable people to work safely at heights, did not reveal revised profit figures for the year but agreed with an analyst's numbers. Continued...
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