Dawsongroup plc by linxiaoqin


									Dawsongroup plc
Annual Report & Accounts 2010
 1   Corporate Statement
 2   Chairman’s Statement and Financial Highlights
 4   Operating and Financial Review
12   Directors and Advisers
13   Statutory Directors’ Report
15   Report of the Auditors
16   Consolidated Profit and Loss Account
16   Consolidated Statement of Total Recognised Gains and Losses
17   Consolidated Balance Sheet
18   Consolidated Cash Flow Statement
19   Company Balance Sheet
20   Accounting Policies
22   Notes to the Financial Statements
35   Five Year Record
36   Business Directory
                                    Dawsongroup plc
             Operational areas

D     awsongroup is a leading specialist asset rental business
      with a proven and consistent track record spanning over
35 years. It operates in several related markets principally
within the UK but with a growing European presence and
its rental portfolio, which at 31 December 2010 amounted
to over 16,000 assets, is focused on high quality premium
products typically with high unit values including commercial
vehicles, trailers, buses, coaches, sweepers, materials handling
equipment, an extensive range of temperature-controlled
products and kitchen units. It also provides finance broker
services. The group’s broad customer base is represented
mainly by large reputable companies.

                                                Annual Report & Accounts 2010   1
    It is pleasing to report on another solid financial
    performance for Dawsongroup in 2010. Despite the
    continuing recessionary climate the group managed
    to increase both turnover and profit.

                                   Chairman’s Statement
                                   Trading conditions improved             last 30 months has been restricted
                                   marginally over the course of the       and consequently the age profile of
                                   year which helped turnover move         our fleet has extended to beyond
                                   forward by 2.3%. The improvement        our normal expectations. Our
                                   to profit was greater and arose          business model has always been
                                   from the continuation of the cost       based on a high level of customer
                                   rationalisation measures introduced     service together with sustained
                                   in 2009. This principally involved      investment in our fleet and to
                                                                           ensure we maintain our position
                                   the disposal of assets which had
                                                                           as the UK’s leading asset rental
                                   become non-utilised as a result
                                                                           company, operating a modern
                                   of the speed and severity of the
                                                                           premium quality fleet, I am pleased
                                   economic downturn. At the start
                                                                           to report that £80m has been
                  Peter M Dawson   of 2009 the group managed 17,400
                                                                           budgeted for fleet investment in
                                   assets, its highest number ever. By
                                                                           2011. Should economic conditions
                                   the end of 2010 this number had
                                                                           improve further than expected and
                                   been reduced to 16,000 and the
                                                                           asset disposals exceed budget,
                                   resulting improvement to profit is       further capital will be invested.
                                   testament to the group having
                                   adopted the correct policy.             Results and dividend
                                                                           On turnover of £145.2m (2009:
                                   In order to reduce the fleet size to     £141.9m), profit before tax
                                   a level aligned with current market     increased by 21.8% to £19.2m
                                   conditions, as well as the above        (2009: £15.8m). After an effective
                                   focus on the disposal of non-utilised   tax charge of 28%, compared to
                                   assets, capital expenditure in the      27% in 2009, the pre-dividend profit

2   Dawsongroup
    Turnover £m                                 Profit before tax £m                              Market sectors revenue

                    153.2                                     28.1
                                    145.2              27.1                                      Temperature-              Materials handling
            144.6           141.9
    136.4                                                                                        controlled                equipment and
                                                21.5                                             products                  sweepers

                                                                     15.8                      Finance

                                                                                                 Buses and
                                                                                                 coaches                   Trucks and trailers
    2006    2007    2008    2009    2010        2006   2007   2008    2009     2010

for the year amounted to £13.7m             New trading division                      12 months will continue to present
(2009: £11.5m).                             – Hiregate Vehicle Rental                 challenges but also, undoubtedly,
                                            In the early part of 2011 the group       new opportunities for us. The
The dividends for the year amounted
                                            formed a new division – Hiregate          general lack of funding available
to £9.99m (2009: £2.28m).                   Vehicle Rental Limited – which will       to UK corporates will inevitably
                                            provide business to business van          see more companies, whose
Balance sheet
                                            rental. An experienced management         previous preferred option was
Capital expenditure for the year
                                            team has been appointed to the            outright purchase, look to rental and
amounted to £50.0m, a slight
                                            business and there are significant         contract hire as they struggle to
increase over the previous year’s
                                            opportunities in the van rental sector    raise capital. We are confident that
spend of £40.8m. Asset disposal
                                            following the departure from the          as the UK’s leading specialist asset
profits of £2.2m (2009: £1.1m) were
                                            market in 2010 of a number of the         rental business we are well
achieved from proceeds of £21.3m
                                            main operators. We are confident           positioned to take full advantage
(2009: £9.9m). These, together with
                                            that this new division will be a          of these opportunities.
operational cash flows of £91.5m
                                            successful addition to the group.
(2009: £77.2m) ensured that net
debt fell by £34.1m to £158.7m.             Outlook
                                            The group has once again
As a result gearing fell to 95% from
                                            demonstrated its ability to perform
117% which is exceptionally low for         successfully in difficult operating
an asset rental business supported          conditions through its diverse product
by a strong contractual base.               range, its broad customer base and
Unexpired contract revenue stood at         experienced management team.              Peter M Dawson
£135.8m compared to £138.4m last                                                      T. Eng (CEI), FIMI, FCIT

year. Interest was covered 3 times          The general economic outlook              Chairman

(2009: 2.7 times) by operating profit.       remains uncertain and the next            23 March 2011

                                                                                                  Annual Report & Accounts 2010   3
    Operating and Financial Review
    Dawsongroup’s outstanding financial and operating performance
    is achieved through its diverse portfolio of asset rental products
    having largely common engineering or customer profiles.

                                       Operating Review

                                                                                  2010                2009
                                                                                   £m         %        £m            %

                                       Trucks and trailers                        68.6     47.3       65.1       45.9

                                       Materials handling equipment
                                        and sweepers                              14.0      9.6       14.4       10.2

                                       Temperature-controlled products            31.1     21.4       30.3       21.3

                                       Buses and coaches                          30.7     21.1       31.5       22.2

                                       Finance brokerage                           0.8      0.6         0.6       0.4

                                       Group revenue                             145.2    100.0      141.9      100.0

                  Michael J Williams

                                       The 2.3% increase in group revenue         £28.9m was 13.9% higher than the
                                       arose entirely through organic growth      2009 operating profit of £25.4m.
                                       across all sectors with the exception
                                       of the bus and coach division which        Trucks and trailers
                                       recorded a 2.6% reduction in               It was previously reported that the
                                       turnover. In the materials handling        speed and severity of the economic
                                       equipment and sweeper sector, the          downturn affected this division
                                       figures include a full year in respect      the most, mainly due to a higher
                                       of the 121 sweepers and associated         proportion of its revenue being
                                       contracts acquired in the summer of        derived from short term hire, and
                                       2009 following an industry competitor      this resulted in overcapacity in
                                       going into liquidation. The comparative    both its core markets leading to
                  Anthony Coleman      figures include £0.7m in respect            a prolonged period of reduced
                                       of the brush manufacturing division        utilisation which put rental rates
                                       which was sold in that year.               under pressure.

                                       The group operating margin                 To address this, our experienced
                                       increased to 20% of revenue from           management team focussed on
                                       18%, a reflection of the cost control       reducing costs to be more aligned
                                       measures implemented in 2009 and           with prevailing market conditions.
                                       continued throughout 2010. As a            The two major costs of this division
                                       consequence, operating profit at            are i) depreciation and ii) repairs and

4   Dawsongroup
Annual Report & Accounts 2010   5
                                         Operating and Financial Review continued
                                         maintenance. The focus has               consequence some £48m has been
                                         therefore been on the disposal           budgeted for capital spend in 2011
                                         of older non-utilised assets.            and further capital will be invested
                                                                                  should the number of assets
                                         It is pleasing to report that this       disposed of exceed the budgeted
                                         was a highly successful strategy         numbers.
                                         with 856 trucks and 356 trailers
                                         disposed of during the year. As a        Materials handling equipment
                                         result the depreciation charge fell by   and sweepers
                                         6.3% and profits rose substantially       2010 was another challenging but
                                         on turnover up by 5.4%. This             successful year for Dawsonrentals
                                         improvement was curtailed slightly       Materials Handling Equipment.
                                         by increased repairs and maintenance     Turnover increased by 1.7% and
                                         costs, as the fleet aged, so the          profits increased by 5.6% as
                                         focus will appropriately remain on       depreciation fell 11% due to a
                   Trucks and trailers
                                         the disposal and replacement of          short term fleet size on average
                                         older assets.                            26% smaller than 2009 reflecting
                                                                                  an excellent level of disposals in
                                         The short term truck fleet, which         the year. Utilisation averaged 66.2%
                                         on average was 10.8% smaller             (2009: 57.4%) and average rates
                                         than 2009, achieved an average           moved forward 5%.
                                         utilisation of 79.3% (2009: 61.5%).
                                         This was due to a combination            Capital expenditure increased
                                         of both increased hires and the          to £1m (2009: £0.3m) still below
                                         reduction in fleet size. Average hire     the normal level as term contracts
                                         rates showed a steady increase           remained scarce. The expenditure

      Temperature-controlled products
                                         over the course of the year and          was once again concentrated towards
                                         were, on average, 6% higher than         the favoured Toyota product.
                                         2009. This is necessary as capital
                                         costs have increased substantially       It was another good year for the
                                         to meet the ever improving               sweeper division with profits up
                                         emissions standards.                     34.6% on turnover up by just
                                                                                  2.1%. This was due to the following
                                         The short term trailer market            reasons. The figures include a full
                                         remained difficult. On a short term       year in respect of the 121 assets
                                         fleet some 4.7% bigger than 2009,         and associated contracts acquired
                                         due to transfers from the contract       at competitive rates half way
                                         fleet, utilisation averaged 59.5%         through last year, following the
                                         (2009: 56.3%) but average hire           liquidation of an industry competitor.
                                         rates fell by 5.4%.                      More importantly, these additional
                                                                                  contracts and assets increased our
                                         In the difficult trading conditions       presence across a wider range of
                                         of the last 30 months hire fleet          industry sectors and more disposal
                                         investment has been limited to           routes were opened to us.
                                         that required to fulfil term contracts
                                         which has resulted in the age profile     2009 was a very good year for
                                         of the fleet being extended beyond        disposals with 86 sweepers sold
                                         our normal expectations. As a            and this continued throughout

6   Dawsongroup
2010 with a further 140 sweepers        solves this problem and will allow a
disposed of. As a consequence,          design of up to 7.5 metres internally.
the depreciation charge fell by over
                                        The inflatable chill storage range,
£0.5m, which directly benefited the
                                        which was introduced in 2005 and
bottom line.
                                        made steady progress since, had
Temperature-controlled products         a very good year with average
2010 was a most satisfactory year       utilisation up 21% on 2009 with
for the temperature-controlled          a number of notable contracts
products division with revenues         signed in the brewing industry.
up 3% and profits up 23.5%.
                                        Whilst the overseas portable
In the UK, Dawsonrentals Portable       cold store businesses in France,
Cold Storage performed strongly         Germany, The Netherlands, Ireland
with a 24% increase in profits on an     and Poland maintained a similar
uplift in turnover of 2.1%, reflecting   level of utilisation to 2009 and
a high level of contract renewals       rental rates moved forward
and extensions. In an environment       marginally, good levels of fleet
of tremendous cost pressure, our        growth in France, Germany and
strategy of providing a solution        The Netherlands produced excellent
based installation, good customer       results increasing combined
service and a first class product        turnover by 4.5% and combined
continued to pay dividends.             profits by 10.7%. These results
Through delivering longer term          would have been even more
bespoke temperature controlled          impressive if not for Poland and
storage solutions, which create         Ireland where economic conditions
valuable space and operational          were, and remain, very harsh.
efficiencies for our customers,
                                        The progression of the overseas
together with a clear and continued
                                        businesses has been very impressive
focus on providing value for money,
                                        and highly consistent with double
we have ensured that our assets
                                        digit growth in each of the last six
are fundamental to our client’s
                                        years. This would not have been
businesses, and therefore remain
                                        possible without the long serving        Materials handling equipment and sweepers
on hire.
                                        strong management teams in place
This requirement to reconfigure and      in each of the businesses combined
redesign units to create bespoke        with a loyal and dedicated workforce.
solutions for customers has led to a    Despite being well established in the
level of product development higher     markets in which they operate the
than in any other area of the group     potential for further growth remains
and this has continued in the year      as they increase awareness of their
with the introduction of a high roof    product range through innovative
design construction build. In the       use of telemarketing and the internet,
past, our modular build widespans       differentiating themselves from the
have been based around the              competition accordingly and further
Dawson box which has a height           establishing their reputation as
limitation due to road transport        providers of temperature controlled
legislation. The new development        rental solutions.

                                                                                       Annual Report & Accounts 2010   7
8   Dawsongroup
Operating and Financial Review continued
Additionally, our products are         Against this backdrop of relative          market continues to develop
universal and we are continuing        instability, Dawsonrentals Bus and         successfully and has started to
to expand our business in other        Coach produced another respectable         contribute a significant incremental
European countries which will          performance with profits before             income stream in its own right.
provide the opportunity for further    exceptional items falling 8.4%
                                                                                  Overall the business has grown
growth. It is pleasing to report,      on turnover down by 2.6%.
                                                                                  again in 2010 with both revenue
as the global economy starts to
                                       Hire fleet investment for the year          and profits up on 2009 by 12.6%
show signs of improvement, some
                                       amounted to £7.7m (2009: £9.2m) as         and 59.1% respectively. The first
significant contracts have been
                                       a number of contract extensions were       few months of this year indicate
concluded in Spain in the meat         achieved with existing clients together    that market conditions in 2011 are
producing area of Catalonia.           with new business, including the           unlikely to improve but nevertheless
                                       airside fleet at Gatwick Airport. The       the business has started the new
Buses and coaches
                                       contract value of installations totalled   financial year encouragingly well.
The year presented a number of
                                       £27.8m (2009: £23.3m), a good
challenges driven in main by the                                                  Other
                                       achievement albeit at lower levels
changing economic and political                                                   The group has two dedicated asset
                                       than previously experienced.
climate, heralded by the new                                                      disposal arms which operate on a
Government’s Public Spending           Welfare buses continued to perform         national basis, National Truck and
Review, which further compounded       very well with average utilisation         Trailer Sales and Ventura, the bus
the sentiment of uncertainty within    over the year of 89.9% (2009: 79%)         and coach specialist. Both have
the sector. The UK’s scheduled bus     on an average fleet size broadly in         built enviable reputations for the
and coach networks are dependent       line with 2009. Hire rates increased       quality and condition of the products
upon certain key central and local     marginally from last year.                 they sell and the customer service
government subsidies to remain                                                    that they provide. The other divisions
                                       Finance brokerage
viable. Bus Service Operators Grant                                               dispose of their ex-hire fleet assets
                                       The principal activity of the company
effectively provides a subsidy on      is asset finance brokerage for UK           through their own resources.
fuel cost for contracted mileage       corporates.
                                                                                  These sales and marketing efforts,
operated, and the Concessionary
                                       2010 showed no change with the             together with the group’s prudent
Fares Scheme supports the issue
                                       continuation of a severely restricted      depreciation policies, provided
of bus passes within the UK.
                                       credit market which acutely affected       disposal profits of £2.2m (2009:
Without clarity regarding the scope
                                       the corporate asset finance sector.         £1.1m) from proceeds of £21.3m
of continuance or of any reduction
                                       However as a subsidiary of                 (2009: £9.9m).
in financial support to both schemes,
                                       Dawsongroup plc this company
few operators were in a position to                                               Employees
                                       continues to enjoy relationships with
make any commitments to moving                                                    We once again express our
                                       the remaining active asset finance
their businesses forward. Thankfully                                              gratitude to our workforce without
                                       lenders which benefits the business
the Government recognised the                                                     whom the continued success and
                                       and allows it a high success record
importance of both programmes                                                     growth of Dawsongroup would not
                                       in arranging finance for its clients,
and at the end of the year announced                                              be possible. The last two years have
                                       despite the underlying challenging
that whilst in both cases subsidies                                               undoubtedly been difficult and we
                                       market conditions.
would be reduced, the percentages                                                 expect that 2011 will be equally
were much smaller than many            The recent expansion into funding          as challenging. Thank you for your
had feared.                            for the corporate car contract hire        continued dedication and hard work.

                                                                                           Annual Report & Accounts 2010   9
     Operating and Financial Review continued
     Financial Review                          Borrowings                               the revenue stream from the related
     The group’s trading performance           Net debt decreased to £158.7m            assets over their income-generating
     is explained in the operating             (2009: £192.8m), comprising hire fleet    lives. In the case of trucks this policy
     review. This review provides further      asset finance of £160.3m (2009:           has been set at 4 years and, for all
     information on other significant           £190.7m) less net cash of £1.6m          other assets, at 7 years. As a result,
     financial issues.                          (2009: net overdraft £2.1m). Year-end    39% of such borrowings at the
                                               gearing was 95% (2009: 117%).            year-end were due to mature in
     Interest                                                                           more than 2 but less than 7 years.
     On lower average net borrowings           Finance and treasury
     during the year of £175.8m (2009:         The group operates a central             Asset finance facilities are
     £206.2m), net interest payable            finance and treasury function which       established with a wide range of
     increased marginally by £0.09m            is responsible for arranging and         lenders primarily on a revolving
     to £9.73m (2009: £9.64m).                 managing all of the group’s financial     basis and each subject to different
                                               instruments, comprising borrowings,      annual review dates. The Board
     The average rate was higher at            cash and liquid resources and            considers that there are sufficient
     5.5% (2009: 4.7%) and interest            interest-rate swaps, in the most         credit facilities available to meet all
     cover increased to 3.0 times              appropriate manner, at the lowest        projected requirements. Short-term
     (2009: 2.7 times).                        cost and within the risk management      flexibility for working capital
                                               policies agreed upon by the Board.       purposes is achieved through
                                                                                        overdraft facilities.
     The 2010 tax charge is £5.46m             These policies remained unchanged
     which is comprised of corporation         throughout the year and are              Interest-rates
     tax payable of £10.13m and a              summarised as follows:                   The exposure to variable-rate debt
     deferred tax credit of £4.67m. The                                                 is hedged through interest-rate
     effective rate is 28% (2009: 27%).        Financing
                                                                                        swaps. At the year-end these
     Corporation tax actually payable in       The group’s principal borrowings are
                                                                                        totalled £188.5m, effectively fixing
     respect of 2010 profits was £9.14m         in respect of hire fleet investments
                                                                                        the relevant variable-rate asset
     (2009: £7.32m).                           which are funded, net of suitable
                                                                                        finance debt at an average base
                                               deposits, by way of asset finance.
                                                                                        rate of 4.7%.
     Cash flow                                  The preference for variable-rate hire
     The group cash inflow from operating       purchase debt continues because it       Foreign currencies
     activities, essentially profit plus        is administratively simple, avoids the   The group has subsidiaries in the
     depreciation and changes in               issues of fees and covenants which       Euro currency zone and finances
     working capital, totalled £91.5m          typically arise with bank lending,       all hire fleet additions and most
     (2009: £77.2m). A further £21.3m          provides for total flexibility without    working capital requirements for
     (2009: £9.9m) was generated from          penalties on early termination and       these businesses in local currencies
     the disposal of fixed assets. Cash         enables capital allowances to be         in order to partially protect the
     outflow for interest, tax and dividends,   claimed on the assets. Where             group’s Sterling balance sheet from
     together amounted to £28.9m               circumstances so permit in terms of      exchange rate movements. The
     (2009: £20.3m).                           the group’s tax position, the group      group also purchases certain hire
                                               will also consider fixed or variable      fleet assets in the UK from overseas
     Capital expenditure
                                               rate finance leases. All other assets     suppliers which are denominated in
     Capital expenditure, almost entirely
                                               are purchased for cash and are           foreign currencies. This exchange
     relating to investment for hire
                                               unencumbered.                            rate exposure is limited through
     fleet growth and replacement
                                                                                        forward currency purchases.
     programmes, amounted to                   Asset finance repayments are
     £50.0m (2009: £40.8m).                    matched, conservatively, against

10   Dawsongroup
In 2010 Dawsongroup once again demonstrated its reputation
as the leading and most consistently successful asset rental
company in its markets in the UK.

The excellent financial performance continues to be built
on a platform of:

     a wide asset portfolio – over 16,000 hire fleet assets
     at the year-end;

     a high contractual base;

     a broad customer base – the largest customer in 2010
     represented just 5.0% of group revenue;

     first-rate supplier relationships – without a dependency
     on any single supplier of product or finance;

     a committed and motivated management team supported
     by hard-working and enthusiastic employees – numbering
     over 550 across 6 countries; and

     a proven track record in the asset rental and contract hire
     industry spanning over 35 years.

Michael J Williams                    Anthony Coleman
Group Chief Executive                 Group Finance Director

23 March 2011

                                                                   Annual Report & Accounts 2010 11
     Directors and Advisers
                   Peter M Dawson                        Group headquarters
                   T.Eng (CEI), FIMI, FCIT               and registered office
                   Executive Chairman                    Dawsongroup plc
                   Peter joined the family               Delaware Drive
                   haulage business in 1956              Tongwell
                   and spearheaded the early             Milton Keynes
                   growth and development                MK15 8JH
                   of the group.                         Tel: 01908 218111
                   AGED 72                               Fax: 01908 218444

                   Michael J Williams                    Registered number
                   Group Chief Executive                 1902154
                   Having been managing director
                   of Dawsonrentals since 1979,          Website
                   Michael was appointed group           www.dawsongroup.co.uk
                   chief executive in 1993 and
                   is now in his 36th year with          Secretary
                   the group.                            Anthony Coleman
                   AGED 63                               ACA

                   Anthony Coleman
                                                         Mazars LLP
                   Group Finance Director
                                                         The Pinnacle
                   Appointed group finance director
                                                         160 Midsummer Boulevard
                   in January 2006, Anthony is now
                                                         Milton Keynes
                   in his eleventh year with the group
                                                         MK9 1FF
                   having joined as group financial
                   controller and company secretary.
                                                         Principal bankers
                   AGED 37
                                                         Barclays Bank
                                                         Luton Corporate Banking Centre
                   Stephen J Miller
                                                         PO Box No. 729
                   Group Managing Director
                                                         Eagle Point
                   Stephen joined the group in 1986
                                                         1 Capability Green
                   and was appointed managing
                   director of Dawsonrentals Truck
                                                         LU1 3US
                   and Trailer in 2002. In October
                   2009 he was appointed group           The Royal Bank of Scotland
                   managing director.                    Corporate and Institutional Banking
                   AGED 45                               2nd Floor
                                                         152 Silbury Boulevard
                                                         Milton Keynes
                                                         MK9 1LT

12   Dawsongroup
Statutory Directors’ Report
                 The directors present their report      duties or in the exercise of their
                 and the audited financial statements     powers, including any liabilities
                 of the group for the year ended         relating to the defence of any
                 31 December 2010.                       proceedings brought against them
                                                         which relate to anything done or
                 Activities and business review
                 The principal activity of the group     omitted, or alleged to have been

                 is the rental of commercial vehicles,   done or omitted, by them as officers
                 trailers, buses, coaches, sweepers,     or employees of the company.
                 materials handling equipment,
                                                         Appropriate directors’ and
                 temperature-controlled products
                                                         officers’ indemnity insurance
                 and kitchens. It also provides
                                                         cover is in place in respect of
                 finance broker services.
                                                         all the company’s directors.
                 Dawsongroup plc is the
                 holding company.                        Donations
                 A detailed review of the group’s        The group made charitable
                 trading during the year and of its      donations during the year
                 business outlook is contained within    amounting to £2,117 (2009:
                 the chairman’s statement and the        £3,787). No political donations
                 operating and financial review.          were made.

                 Results and dividends                   Employment policies
                 The consolidated trading results        The group continues to encourage
                 and year-end financial position are      the participation of its employees
                 shown in the financial statements        in the business in which they work.
                 on pages 16 to 34.                      Established communication and
                 The profit after tax for the             consultation procedures exist which
                 financial year was £13,724,000           aim to ensure that employees are
                 (2009: £11,475,000). Interim            informed about, and involved in,
                 ordinary dividends of 43.75p            matters which are of interest and
                 per share (2009: 10p) were paid         concern to them.
                 on 16 March 2010. The retained
                                                         The group is an equal opportunities
                 profit of £3,732,000 has been
                                                         employer and its policies for
                 transferred to reserves.
                                                         the recruitment, training, career
                 Directors                               development and promotion
                 The current directors of                of employees are based on the
                 Dawsongroup plc are set                 relevant merits and abilities of the
                 out on page 12.                         individuals concerned. The policies
                 Directors’ indemnity                    also allow disabled persons to
                 The company’s Articles of Association   compete on an equal basis. Any
                 provide, subject to the provisions      existing employee who becomes
                 of UK legislation, an indemnity         disabled is given the training
                 for directors and officers of the        required to ensure that, wherever
                 company in respect of liabilities       possible, continuity of employment
                 they incur in the discharge of their    can be maintained.

                                                                  Annual Report & Accounts 2010 13
     Statutory Directors’ Report                                            continued

     The company promotes all aspects           Practice (United Kingdom                company and hence for taking
     of health and safety throughout            Accounting Standards and                reasonable steps for the prevention
     the group in the interest of its           applicable law). Under company          and detection of fraud and other
     employees.                                 law the directors must not approve      irregularities.
                                                the financial statements unless they
     Creditor payment policy                                                            The directors are responsible for
                                                are satisfied that they give a true
     Operating businesses are                                                           the maintenance and integrity of
                                                and fair view of the state of affairs
     responsible for agreeing the                                                       the Annual Review and Summary
                                                of the group and the company and
     terms and conditions under which                                                   Financial Statements and Annual
                                                of the profit or loss of the group
     business transactions with their                                                   Report and Financial Statements
                                                and the company for that period.
     suppliers are conducted. It is group                                               published on the Group’s corporate
                                                In preparing these financial
     policy that payments to suppliers                                                  website. Legislation in the UK
                                                statements, the directors are
     are made in accordance with these                                                  concerning the preparation and
                                                required to:
     terms, provided that the supplier                                                  dissemination of financial statements
     complies with all relevant terms             select suitable accounting policies   may differ from legislation in other
     and conditions.                              and then apply them consistently;     jurisdictions.

     At 31 December 2010 the amount               make judgments and accounting         Statement as to disclosure
     for trade creditors in the balance           estimates that are reasonable         of information to auditors
     sheet represented 25 days (2009:             and prudent;                          The directors have taken all the
     20) of average daily purchases for                                                 necessary steps to make them
                                                  state whether applicable UK
     the company and 41 days (2009:                                                     aware, as directors, of any relevant
                                                  Accounting Standards have been
     26) in respect of the group’s main                                                 audit information and to establish
                                                  followed, subject to any material
     UK operating subsidiaries.                                                         that the auditors are aware of that
                                                  departures disclosed and
     Directors’ responsibilities                  explained in the financial
     statement                                    statements;                           As far as the directors are aware,
     The following statement, which                                                     there is no relevant audit information
                                                  prepare the financial statements
     should be read in conjunction with                                                 of which the group’s and the
                                                  on the going concern basis
     the auditors’ statement of their                                                   company’s auditors are unaware.
                                                  unless it is inappropriate to
     responsibilities set out on page 15,
                                                  presume that the group and            Auditors
     is made with a view to describing
                                                  the company will continue             Mazars LLP have expressed their
     the responsibilities of the directors in
                                                  in business.                          willingness to continue in office
     relation to the financial statements.
                                                                                        and a resolution proposing
                                                The directors are responsible for
     The directors are responsible for                                                  their re-appointment at a rate
                                                keeping adequate accounting
     preparing the Directors’ report                                                    of remuneration to be fixed by
                                                records that are sufficient to show
     and the financial statements in                                                     the directors will be submitted
                                                and explain the group’s and the
     accordance with applicable law                                                     to the annual general meeting.
                                                company’s transactions and
     and regulations.
                                                disclose with reasonable accuracy       By order of the board
     Company law requires the directors         at any time the financial position of
     to prepare financial statements for         the group and the company and
     each financial year. Under that             enable them to ensure that the
     law the directors have elected to          financial statements comply with
                                                                                        Anthony Coleman
     prepare the financial statements in         the Companies Act 2006. They are        ACA

     accordance with United Kingdom             also responsible for safeguarding       Secretary
     Generally Accepted Accounting              the assets of the group and the         23 March 2011

14   Dawsongroup
Report of the Auditors
Independent auditors’ report to          to the company’s members those            Matters on which we are required
the members of Dawsongroup plc           matters we are required to state to       to report by exception
We have audited the financial             them in an auditor’s report and for       We have nothing to report in respect
statements of Dawsongroup Plc for        no other purpose. To the fullest          of the following matters where the
the year ended 31 December 2010          extent permitted by law, we do not        Companies Act 2006 requires us
which comprise the Consolidated          accept or assume responsibility to        to report to you if, in our opinion:
Profit and Loss Account, the              anyone other than the company and           adequate accounting records
Consolidated Statement of Total          the company’s members as a body             have not been kept by the parent
Recognised Gains and Losses, the         for our audit work, for this report,        company, or returns adequate for
Consolidated and Parent Company          or for the opinions we have formed.         our audit have not been received
Balance Sheets, the Consolidated                                                     from branches not visited by us; or
                                         Scope of the audit
Cash Flow Statement and the
                                         of the financial statements                  the parent company financial
related notes. The financial reporting
                                         A description of the scope of an            statements are not in agreement
framework that has been applied
                                         audit of financial statements is             with the accounting records and
in their preparation is applicable law
                                         provided on the APB’s web-site at           returns; or
and United Kingdom Accounting
Standards (United Kingdom                                                            certain disclosures of directors’
Generally Accepted Accounting            Opinion on the financial                     remuneration specified by law
Practice).                               statements                                  are not made; or

Respective responsibilities              In our opinion the financial statements:
                                                                                     we have not received all the
of directors and auditors                  give a true and fair view of the
                                                                                     information and explanations
As explained more fully in the             state of the group’s and the
                                                                                     we require for our audit.
Directors’ Responsibilities Statement      parent company’s affairs as

set out on page 14, the directors are      at 31 December 2010 and

responsible for the preparation of the     of the group’s profit for the

financial statements and for being          year then ended;

satisfied that they give a true and
                                           have been properly prepared in
fair view.                                                                         Jacqueline Berry
                                           accordance with United Kingdom
                                           Generally Accepted Accounting           (Senior statutory auditor)
Our responsibility is to audit and
express an opinion on the financial         Practice; and                           For and on behalf of Mazars LLP
                                                                                   Chartered Accountants
statements in accordance with
                                           have been prepared in accordance        and Statutory Auditors
applicable law and International
                                           with the requirements of the
Standards on Auditing (UK and                                                      23 March 2011
                                           Companies Act 2006.
Ireland). Those standards require us                                               The Pinnacle, 160 Midsummer Boulevard
to comply with the Auditing Practices    Opinion on other matter prescribed        Milton Keynes MK9 1FF
Board’s (APB’s) Ethical Standards for    by the Companies Act 2006
Auditors. This report is made solely     In our opinion the information
to the company’s members, as a           given in the Directors’ Report for
body, in accordance with Chapter         the financial year for which the
3 of Part 16 of the Companies Act        financial statements are prepared
2006. Our audit work has been            is consistent with the financial
undertaken so that we might state        statements.

                                                                                             Annual Report & Accounts 2010 15
     Consolidated Profit and Loss Account
     for the year ended 31 December 2010

                                                                                                       2010                2009
                                                                                     Notes              £’000              £’000

     Turnover                                                                            1          145,188           141,909
     Cost of sales                                                                                   91,692               91,192

     Gross profit                                                                                     53,496               50,717
     Administrative expenses                                                                         24,582               25,331

     Operating profit                                                                     2           28,914               25,386
     Net interest payable                                                                5             9,729               9,636

     Profit on ordinary activities before tax                                                         19,185               15,750
     Tax                                                                                 6             5,461               4,275

     Profit for the financial year                                                        17           13,724               11,475

     Consolidated statement of total recognised gains and losses

     Profit for the financial year                                                                     13,724               11,475
     Exchange rate adjustment                                                                           (509)             (1,101)

     Total gains recognised since the last annual report                                             13,215               10,374

     There is no material difference between the profit reported above and that calculated on the historical cost basis.

     Turnover and expenses all relate to continuing operations.

16   Dawsongroup
Consolidated Balance Sheet
as at 31 December 2010

                                                                         2010                              2009
                                         Notes           £’000           £’000           £’000               £’000

Fixed assets
Intangible assets                           8                           2,095                            2,512
Tangible assets                             9                         380,883                          415,889

                                                                      382,978                          418,401
Current assets
Stocks                                                 1,167                            1,836
Debtors                                    11         23,433                           21,381
Bank deposits and cash                     12          7,225                            4,446

                                                      31,825                           27,663

Creditors due within one year
Borrowings                                 12         58,477                           69,122
Other creditors                            13         39,679                           37,726

                                                      98,156                          106,848

Net current liabilities                                                66,331                            79,185

Total assets less current liabilities                                 316,647                          339,216

Creditors due after one year
Borrowings                                 12        107,471                          128,171
Other creditors                            13             11                               24

                                                                      107,482                          128,195

                                                                      209,165                          211,021

Provisions for liabilities and charges     14                          41,857                            46,936

Net assets                                                            167,308                          164,085

Capital and reserves
Called up share capital                    15                           8,057                            8,057
Share premium account                      17                           1,285                            1,285
Capital reserve                            17                           9,980                            9,980
Profit and loss account                     17                         147,986                          144,763

Equity shareholders’ funds                 16                         167,308                          164,085

The financial statements on pages 16 to 34 were approved and authorised for issue by the board of directors
on 23 March 2011.

Directors: M J Williams
           A Coleman
                                                                                    Annual Report & Accounts 2010 17
     Consolidated Cash Flow Statement
     for the year ended 31 December 2010

                                                                    2010                  2009
                                               Notes     £’000      £’000      £’000      £’000

     Net cash inflow from operating activities    18               91,520                77,164

     Returns on investments and servicing
       of finance
     Net interest paid                            5                (9,729)               (9,636)

     Taxation                                                      (9,145)               (8,350)

     Capital expenditure
     Purchase of tangible fixed assets                  (50,005)              (40,758)
     Sale of tangible fixed assets                       21,272                 9,924

                                                                  (28,733)              (30,834)

     Equity dividends paid                                         (9,992)               (2,284)

     Cash inflow before use of liquid
       resources and financing                                     33,921                26,060

     Management of liquid resources
     Cash (placed on)/withdrawn from deposit     20                (2,895)               5,494

     Decrease in loans and asset
       finance arrangements                       20               (30,181)              (32,382)

     Increase/(decrease) in cash                 20                  845                   (828)

18   Dawsongroup
Company Balance Sheet
as at 31 December 2010

                                                                         2010                              2009
                                         Notes           £’000           £’000           £’000               £’000

Fixed assets
Tangible assets                             9                             318                                539
Investment: shares in subsidiary
   undertakings                            10                          24,279                            23,903

                                                                       24,597                            24,442
Current assets
Stocks                                                     1                              490
Debtors                                    11         73,806                           78,263
Bank deposits and cash                     12          6,265                            2,613

                                                      80,072                           81,366

Creditors due within one year
Borrowings                                 12          8,225                            8,328
Other creditors                            13         28,140                           33,798

                                                      36,365                           42,126

Net current assets                                                     43,707                            39,240

Total assets less current liabilities                                  68,304                            63,682

Creditors due after one year
Borrowings                                 12           6,338                           3,875

                                                                        6,338                             3,875

                                                                       61,966                            59,807

Provisions for liabilities and charges     14                             799                                901

Net assets                                                             61,167                            58,906

Capital and reserves
Called up share capital                    15                           8,057                             8,057
Share premium account                      17                           1,285                             1,285
Capital reserve                            17                           6,658                             6,658
Profit and loss account                     17                          45,167                            42,906

Equity shareholders’ funds                 16                          61,167                            58,906

The financial statements on pages 16 to 34 were approved and authorised for issue by the board of directors
on 23 March 2011.

Directors: M J Williams
           A Coleman
                                                                                    Annual Report & Accounts 2010 19
     Accounting Policies
     Basis of preparation
     The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom.

     Going concern
     The financial statements have been prepared on the going concern basis which assumes that the group will continue in operational
     existence for the foreseeable future.

     The directors have reviewed cash flow forecasts for a period of not less than 12 months from the date of the audit opinion and
     are confident that the company will be able to pay its liabilities as they fall due. On this basis, the directors consider it appropriate
     to prepare the financial statements on the going concern basis.

     Accounting convention
     The financial statements have been prepared under the historical cost convention.

     Consolidation principles
     The group financial statements consolidate the financial statements of Dawsongroup plc and all its subsidiary undertakings for the
     year ended 31 December 2010.

     Subsidiaries acquired during the year are accounted for under the acquisition method of accounting, and are consolidated from the
     date of acquisition.

     Transactions and balances between subsidiary undertakings have been eliminated; no profit is taken on sales between subsidiary
     undertakings until the products are sold to customers outside the group.

     Goodwill representing the excess of the consideration over the fair value of the separable net assets acquired, arising on the acquisition
     of subsidiary undertakings prior to 1 January 1998, has been written off against reserves in the year in which it arose. Goodwill eliminated
     in this way is charged to the profit and loss account on any subsequent disposal of the business to which it is related. Goodwill previously
     eliminated against reserves has not been reinstated.

     Goodwill arising on the acquisition of subsidiary undertakings since 1 January 1998 is capitalised in the group balance sheet and
     amortised over its useful economic life up to a maximum of twenty years. It is reviewed for impairment at the end of the first full
     financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying amount
     may not be recoverable.

     Turnover is the amount receivable in the ordinary course of business for goods and services provided during the year to customers
     outside the group, excluding value added tax.

     Tangible fixed assets and depreciation
     Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write down the cost or valuation of fixed assets
     to their estimated residual values over the period of their estimated useful lives with the group in accordance with the table below:
                                                                                                     Useful life with
                                                                                                         the group                Residual value

     Hire Fleet
     Commercial vehicles                                                                                   5 years                 20% – 25%
     Trailers                                                                                           12.5 years                         15%
     Car transporters and drawbar trailers                                                                 9 years                         10%
     Purpose built portable cold stores                                                                   15 years                         25%
     Buses and coaches                                                                                9 – 15 years                 10% – 15%
     Materials handling equipment                                                                      7 – 9 years                  5% – 15%
     Sweepers                                                                                          5 – 7 years                 10% – 30%
     Scissor lifts                                                                                        10 years                         15%
     Kitchen units                                                                                        15 years                         10%
     Display refrigeration and kitchen equipment                                                           8 years                           Nil
     Other                                                                                          4 – 12.5 years                   Nil – 15%
     Non Hire Fleet
     Freehold buildings                                                                              20 – 50   years                       Nil
     Plant and equipment                                                                              5 – 10   years                       Nil
     Portable office buildings                                                                       7 – 12.5   years                     15%
     Computer hardware and software                                                                        4   years                       Nil
     Cars                                                                                                  4   years               25% – 40%
     Investment property
     In accordance with Statement of Standard Accounting Practice No 19, certain of the group’s properties are held for long-term investment
     and are included in the balance sheet at their open market values. The surpluses or deficits on revaluation of such properties are
     transferred to the investment property revaluation reserve to the extent that they do not fall below the original cost. Depreciation is not
     provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles, which
     require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial
     statements may give a true and fair view, because current values and changes in current values are of prime importance rather than

20   Dawsongroup
the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount
which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments
Investments held as fixed assets are stated at cost or directors valuation less any provision for diminution in value.

Stock is valued at the lower of cost and net realisable value.

Deferred tax
Deferred tax is provided in respect of the tax effect of all timing differences at the rates of tax expected to apply when the timing
differences reverse. Deferred tax assets and liabilities are discounted to reflect the time value of money.

Finance leases and hire purchase
Fixed assets obtained under finance leases are treated in the same way as hire purchase; that is as though they are purchased outright
and depreciated accordingly. The outstanding capital element of such leases is included within borrowings in the balance sheet.
The interest element of fixed instalment leasing payments is charged to the profit and loss account over the period of the finance
lease in accordance with the sum of digits method. Interest costs on fixed rate hire purchase are also accounted for by this method.

Amounts receivable under finance leases are included as a debtor at the amount of the net investment in the lease.

Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate
of return on the net cash investment in the lease.

Operating leases
Operating lease expenditure is charged to the profit and loss account in equal instalments over the respective life of the lease.

Asset purchase rebates
Rebates and bonuses from manufacturers and distributors are credited to the profit and loss account over a three to five year period
from the date of installation of the relevant assets to coincide with their expected life within the group.

Future purchase undertakings
As part of its trade the group has undertaken to purchase commercial vehicles and trailers from certain lessors and manufacturers
upon the future termination of operating lease agreements or other arrangements with third parties at prices estimated to be not
less than realisable value at the time of purchase. Where necessary a provision is made to the extent that such commitments are
now estimated to exceed realisable value.

Where commitment has been notified the commercial vehicles and trailers are included within fixed assets at the expected cost
of repurchase and the related liabilities are included as creditors.

Fee income for future purchase undertakings is credited to the profit and loss account over the respective lives of such leases having
regard to future assessment, inspection and other related costs.

Foreign currencies
Assets, liabilities, revenues and costs expressed in foreign currencies are translated into Sterling at rates of exchange ruling on the
date on which transactions occur, except for monetary assets and liabilities which are translated at the rate ruling at the balance
sheet date. Differences arising on translation of such items are dealt with in the profit and loss account.

Forward currency contracts entered into or deposits held specifically for planned future capital expenditure are not revalued
to balance sheet rates (see note 12). Gains or losses arising are matched against the capital spend at the time of purchase.

Results of overseas subsidiary undertakings are translated at the average rate for the year. Assets and liabilities of overseas
subsidiary undertakings are translated at the rate ruling at the balance sheet date. Exchange differences arising are dealt with
through reserves.

Financial instruments
Derivative instruments utilised by the group are interest rate swaps and forward exchange contracts. The group does not enter into
speculative derivative contracts. All such instruments are used for hedging purposes to alter the risk profile of an existing underlying
exposure to the group in line with its risk management policies.

Interest receipts and payments are calculated on an accruals basis and included within net interest payable. Interest rate swaps
are not revalued to fair value or shown on the group balance sheet at the year-end.

The group has adopted the presentation requirements of FRS 25.

Liquid resources
Cash held on short term deposits is included as liquid resources for the purposes of preparing the cashflow statement.

Pension contributions
The charge to the profit and loss account represents the contributions payable relating to the accounting period.

Long-term incentive schemes
Provision is made in the profit and loss account for the appropriate proportion of future payments expected to arise in respect
of separate long-term incentive schemes in place for executive directors and other employees.

                                                                                                         Annual Report & Accounts 2010 21
     Notes to the Financial Statements
     for the year ended 31 December 2010

     1. Turnover
     The turnover, profit before tax and net assets of the group are substantially attributable to the principal activity of asset rental.
     The group operates in the UK, Germany, France, the Netherlands, Poland and Ireland. However, turnover and operating results relating
     to the overseas activities are not separately disclosed as they are not material to the group as a whole.

     2. Operating profit
                                                                                                                    2010                     2009
                                                                                                                     £’000                    £’000

     This is stated after charging:
     Depreciation: owned assets                                                                                   61,043                    63,915
     Impairment                                                                                                    4,000                         –
     Amortisation of goodwill                                                                                        417                       417
     Auditors’ remuneration: audit services                                                                           93                        91
                                audit of pension scheme                                                                3                         3
     Assets hired in                                                                                                 278                       242
     Operating leases: land and buildings                                                                          1,577                     1,702
                         hire fleet assets                                                                             40                       141
     and after crediting:
     Profit on sale of tangible fixed assets                                                                         2,224                     1,096
     Property rental                                                                                                 460                       444
     Manufacturers’ rebates                                                                                           39                        53
     Exchange gain                                                                                                   164                        84

     3. Employees
                                                                                                                    2010                     2009
                                                                                                                  Number                    Number

     Average number of employees, including executive directors, during the year:
     Management                                                                                                       40                       43
     Sales and administration staff                                                                                  313                      331
     Drivers, engineers and others                                                                                   205                      234
                                                                                                                     558                      608

                                                                                                                    2010                     2009
                                                                                                                     £’000                    £’000

     Employee payroll costs:
     Wages and salaries                                                                                           19,589                    18,752
     Social security costs                                                                                         2,200                     2,229
     Pension contributions                                                                                           689                       679
                                                                                                                  22,478                    21,660

     Pension scheme
     The group operates a defined contribution pension scheme, the assets of which are held separately from those of the group in
     funds administered by insurance companies. The pension contributions above represent amounts payable by the group to the fund.
     No contributions have been prepaid (2009: £nil).

22   Dawsongroup
4. Directors’ emoluments and interests
                                                   Performance                                                    2010              2009
                                       Basic             related            Other            Pension              Total              Total
                                       salary          bonuses            benefits       contributions       emoluments         emoluments
                                       £’000               £’000            £’000               £’000            £’000              £’000

Directors’ emoluments
Executive directors
P M Dawson                               77                  –                 66                  –               143                167
M J Williams                            713                700                  9                  –             1,422                776
A Coleman                               176                470                  6                 29               681                320
Total                                   966              1,170                 81                 29             2,246              1,263

The emoluments of S J Miller are disclosed in the accounts of Dawsonrentals Truck & Trailer Limited.
No director has a service contract with a notice period in excess of one year.
Performance related bonuses of the executive directors are based upon the group’s performance against targets in accordance with
the provisions of the respective director’s service contract.
A Coleman participates in a defined contribution (‘money purchase’) pension scheme similar to, but with different contribution levels to,
the main company scheme. Employer contributions equate to 10% of basic salary.
Long-term bonus schemes
M J Williams participates in a long-term service bonus scheme dependent upon a loyalty element and the cumulative results of the
group over the five years commencing 1 January 2008.
The purpose of the scheme is to reward M J Williams in line with the continuing development of the business and to enhance earnings
growth. In order to qualify under the terms of the scheme he is required to remain in service throughout the period ending 2 January 2013
except on the occurrence of ill health, redundancy or death.
The amount payable under the scheme is dependent upon the extent to which actual performance exceeds target levels. The target
levels are based on the consolidated pre-tax profit of the group for the year ended 31 December 2007.
The loyalty element of the scheme amounts to a total of £750,000 over the life of the scheme and is payable by increasing instalments
annually on 31 March. The performance element is a maximum of a further £750,000. The maximum amount payable under the
scheme is £1,500,000. The loyalty element for the remainder of the scheme, amounting to £600,000, was paid on account on
31 March 2010 in addition to the normal instalment due.
A Coleman participates in a long-term incentive scheme dependent upon a loyalty element and the cumulative results of the group
over the five years commencing 1 January 2006.
The purpose of the scheme is to reward A Coleman in line with the continuing development of the business and to enhance earnings
growth. In order to qualify under the terms of the scheme he is required to remain in service throughout the period ending 2 January
2011 except on the occurrence of ill health, redundancy or death.
The amount payable under the scheme is dependent upon the extent to which actual performance exceeds target levels. The target
levels are based on the consolidated budgeted pre-tax profit of the group for the year ended 31 December 2006.
The loyalty element of the scheme amounts to a minimum of £100,000 and the performance element a maximum of a further
£225,000. The maximum amount payable under the scheme is £325,000. This was paid on account on 31 March 2010.
In accordance with the accounting policy set out on page 21, provision (inclusive of anticipated Employers’ National Insurance
contributions) has been made in the accounts as follows:
                                                                             As at                                                   As at
                                                                         1 January         Charge for                         31 December
                                                                            2010             the year            Utilised           2010
                                                                             £’000             £’000              £’000              £’000

Executive directors
M J Williams                                                                 339                789               (790)               338
A Coleman                                                                    293                186               (366)               113
                                                                             632                975             (1,156)               451

                                                                                                          Annual Report & Accounts 2010 23
     Notes to the Financial Statements continued

     4. Directors’ emoluments and interests continued
     Directors’ interests
     Throughout the year the group was controlled by trusts, the beneficiaries of which are P M Dawson and his immediate family.
     £6,000,000 was loaned to the group by P M Dawson and £1,750,000 by trusts, the beneficiaries of which are P M Dawson’s
     immediate family. Interest is being accrued on these loans at 6% and amounted to £94,000 at the year end. The amount of capital
     outstanding at the year end was £3,875,000 (2009: £5,812,500). P M Dawson received dividends of £9,991,956 during the year
     (2009: £2,283,876). P M Dawson loaned £8,800,000 back to the company which is being repaid over 4 years. Interest is being
     accrued on this loan at 2.2% and amounted to £18,000 at the year end. The amount of capital outstanding at the year end was
     £6,600,000 which is included in asset finance arrangements for future use in the business.
     There have been no changes in the directors’ shareholdings between the year-end and 23 March 2011.

     5. Net interest payable
                                                                                                               2010                2009
                                                                                                                £’000               £’000

     On borrowings wholly repayable within five years:
      Asset finance arrangements                                                                                3,142               4,072
      Bank loans and overdrafts                                                                                  548                 534
      Swap arrangements interest payable                                                                       6,356               4,809
     On borrowings repayable after five years                                                                     534                 788
                                                                                                              10,580              10,203

     Less: Bank and other interest receivable                                                                   (851)               (567)
                                                                                                               9,729               9,636

     6. Tax
                                                                                              2010                                 2009
                                                                             £’000            £’000             £’000               £’000

     Tax charge for the year:
       Corporation tax                                                      9,246                              7,825
       Overseas tax                                                           888                                704
       Adjustments in respect of prior periods                                 (7)                               133
     Total current tax                                                                      10,127                                 8,662
     Deferred tax
       Origination and reversal of timing differences                      (4,903)                            (4,118)
       Decrease/(increase) in discount                                      1,989                               (144)
       Adjustments in respect of prior periods                                 21                               (125)
       Effect of decreased tax rate on opening liability                   (1,773)                                 –
     Total deferred tax                                                                      (4,666)                              (4,387)
                                                                                             5,461                                 4,275

24   Dawsongroup
6. Tax continued
The UK standard rate of corporation tax for the year is 28% (2009: 28%). The actual charge for the current and the previous year differ
from the standard rate for the reasons set out in the following reconciliation:
                                                                                                               2010               2009
                                                                                                               £’000              £’000

Profit on ordinary activities before tax                                                                      19,185            15,750

Tax on profit on ordinary activities at standard rate                                                          5,372              4,410

Factors affecting charge for the period:
  Capital allowances less than depreciation                                                                   4,870              3,704
  Expenses not deductible for tax purposes                                                                      108                 62
  Other timing differences                                                                                     (216)               353
  Adjustments in respect of prior periods                                                                        (7)               133
Total actual amount of current tax                                                                           10,127              8,662

7. Dividends
                                                                          2010               2009              2010              2009
                                                                     p per share        p per share            £’000              £’000

Ordinary shares:
First interim paid                                                         43.7                5.0            9,992              1,142
Second interim paid                                                           –                5.0                –              1,142
                                                                           43.7              10.0             9,992              2,284

8. Intangible fixed assets
Group                                                                                                                         Goodwill

As at 1 January 2010                                                                                                             5,868
Additions                                                                                                                            –
As at 31 December 2010                                                                                                           5,868
As at 1 January 2010                                                                                                             3,356
Charge for the year                                                                                                                417
As at 31 December 2010                                                                                                           3,773
Book value:
As at 31 December 2010                                                                                                           2,095
As at 31 December 2009                                                                                                           2,512

                                                                                                       Annual Report & Accounts 2010 25
     Notes to the Financial Statements continued

     9. Tangible fixed assets
                                                          Freehold                             vehicles,
                                                          land and                            plant and           Group          Company
                                                          buildings         Hire fleet        equipment             total             total
                                                             £’000             £’000             £’000            £’000             £’000

     As at 1 January 2010                                 23,045           673,679              9,668          706,392              1,727
     Exchange adjustment                                       –              (1,394)              (59)           (1,453)                –
     Additions                                                48             48,664             1,293            50,005                 62
     Sales                                                     –            (75,486)           (1,676)          (77,162)             (369)
     Transfers from group undertakings                         –                   –                 –                 –                53
     Transfers to group undertakings                           –                   –                 –                 –               (28)
     As at 31 December 2010                               23,093           645,463              9,226          677,782              1,445
     As at 1 January 2010                                  2,920           281,609              5,974          290,503              1,188
     Exchange adjustment                                       –               (493)               (40)            (533)                 –
     Charge for the year                                     221             59,548             1,274            61,043               184
     Impairment                                                –              4,000                  –            4,000                  –
     Relating to sales                                         –            (56,934)           (1,180)          (58,114)             (256)
     Transfers from group undertakings                         –                  –                  –                –                 24
     Transfers to group undertakings                           –                  –                  –                –                (13)
     As at 31 December 2010                                3,141           287,730              6,028          296,899              1,127
     Book value:
     As at 31 December 2010                               19,952           357,733              3,198          380,883                318
     As at 31 December 2009                               20,125           392,070              3,694          415,889                539

     Freehold land and buildings
     Freehold land and buildings are shown at cost and include £590,000 of capitalised interest which arose on completion of the group’s
     Milton Keynes head office in 1991.
     Included in freehold land and buildings above is £12,727,000 relating to investment property purchased in 2008. In the opinion of the
     directors the open market value at the year end is unchanged, which is also equal to the original purchase price of the property.
     All of the tangible fixed assets of the company comprise other vehicles, plant and equipment.

26   Dawsongroup
10. Investment: shares in subsidiary undertakings
                                                                                                         2010                  2009
                                                                                                         £’000                 £’000

Cost or valuation:
As at 1 January                                                                                        23,903              15,872
Addition                                                                                                    –               7,900
Reversal of impairment                                                                                    526                 131
Impairment                                                                                               (150)                  –
As at 31 December                                                                                      24,279              23,903

This represents the investment by Dawsongroup plc in the entire issued share capital of Alexena Limited, Dawsonrentals Limited,
Dawsongroup International Limited and Praedium Property Limited. This includes a £2,750,000 surplus which arose on the revaluation
of Alexena Limited in 1988.
The principal activities of the companies are:
Alexena Limited                              –       Property and investment.
Dawsonrentals Limited                        –       Holding company of United Kingdom trading subsidiary undertakings.
Dawsongroup International Limited            –       Holding company of overseas subsidiary undertakings.
Praedium Property Limited                    –       Property.

The following companies were the trading subsidiary undertakings of Dawsonrentals Limited and Dawsongroup International Limited
during the year ended 31 December 2010:
                                                 Country of
                                                 operation and
Subsidiary                                       incorporation              Principal activity

Dawsonrentals Truck and Trailer Limited          United Kingdom             Hire of commercial vehicles and trailers.
Dawsonrentals Bus and Coach Limited              United Kingdom             Hire of buses and coaches.
Dawsonrentals Materials Handling                 United Kingdom             Hire of materials handling equipment
Equipment Limited                                                           and sweepers.
Dawsonrentals Portable Cold                      United Kingdom             Hire of temperature-controlled products.
Storage Limited
Dawsonrentals Display                            United Kingdom             Hire and sale of commercial refrigeration
Refrigeration Limited                                                       equipment.
D.G. Finance Limited                             United Kingdom             Vehicle finance.
Dawsonrentals Temporary                          United Kingdom             Hire of kitchen units and equipment.
Kitchens Limited
LHE Finance Limited                              United Kingdom             Finance broking and fleet/contract hire financing.
Ventura Rental Limited                           United Kingdom             Buying and selling of fixed assets.
Dawsongroup International BV                     The Netherlands            Overseas holding company.
Thermobil Mobile Kühllager GmbH                  Germany                    Hire of temperature-controlled products.
Modulfroid Service SARL                          France                     Hire of temperature-controlled products.
Dawsonrentals (Nederland) BV                     The Netherlands            Hire of temperature-controlled products.
Dawsonrentals Polska Sp. z o.o.                  Poland                     Hire of temperature-controlled products.
Dawsonrentals (Ireland) Limited                  Ireland                    Hire of temperature-controlled products.

100% of the voting rights in each subsidiary undertaking are held ultimately by Dawsongroup plc.

                                                                                                     Annual Report & Accounts 2010 27
     Notes to the Financial Statements continued

     11. Debtors
                                                                                                 2010                            2009
                                                                            Group          Company              Group          Company
     Due within one year                                                    £’000             £’000             £’000             £’000

     Trade debtors                                                        12,658                83            10,681               35
     Finance receivables                                                   3,166                 –             2,479                –
     Other debtors                                                           162             1,323               220            1,071
     Prepayments                                                           2,035               124             2,213              145
     Tax recoverable                                                          16             4,659               112            3,732
     Loans to subsidiary undertakings                                          –            57,552                 –           62,685
     Amounts owed by subsidiary undertakings                                   –            10,065                 –           10,595
                                                                          18,037            73,806            15,705           78,263
     Due after one year
     Finance receivables                                                    5,396                     –        5,676                  –
                                                                          23,433            73,806            21,381           78,263

     12. Financial instruments
     Financial liabilities
                                            Due           Due after                             Due           Due after
                                          within          more than         2010              within         more than           2009
                                        one year           one year           Total         one year          one year             Total
     Group                                 £’000              £’000          £’000            £’000             £’000             £’000

     Bank overdrafts                      5,638                 –          5,638             6,573                –             6,573
     Asset finance arrangements           52,839           107,471        160,310            62,549          128,171           190,720
     Gross financial liabilities          58,477           107,471        165,948            69,122          128,171           197,293

     The group has no committed borrowing facilities.
                                            Due           Due after                             Due           Due after
                                          within          more than         2010              within         more than           2009
                                        one year           one year           Total         one year          one year             Total
     Company                               £’000              £’000          £’000            £’000             £’000             £’000

     Bank overdrafts                      4,087                  –         4,087                6,390              –             6,390
     Asset finance arrangements            4,138              6,338        10,476                1,938          3,875             5,813
     Gross financial liabilities           8,225              6,338        14,563                8,328          3,875           12,203

     Asset finance arrangements
     Asset finance arrangements comprise hire purchase, finance lease and other similar funding effectively secured on specific underlying
     hire fleet assets. These are all repayable by instalments as follows:
                                                            Foreign         2010                               Foreign           2009
                                         Sterling          currency           Total             Sterling      currency             Total
                                           £’000              £’000          £’000               £’000          £’000             £’000

     Within one year                     50,975              1,864        52,839            60,633             1,916           62,549
     Between one and two years           43,297              2,023        45,320            49,729             1,943           51,672
     Between two and five years           53,186              3,107        56,293            64,097             3,690           67,787
     After more than five years            5,445                413         5,858             8,284               428            8,712
                                        152,903              7,407       160,310           182,743             7,977          190,720

     Foreign currency asset finance arrangements principally comprise Euro aligned currencies.
     The interest rate profile of these arrangements is as follows:
                                                            Foreign         2010                               Foreign           2009
                                         Sterling          currency          Total              Sterling      currency             Total
                                           £’000              £’000          £’000               £’000           £’000            £’000

     Variable rate                      146,491              5,263       151,754           173,842             6,818          180,660
     Fixed rate                           6,412              2,144         8,556             8,901             1,159           10,060
                                        152,903              7,407       160,310           182,743             7,977          190,720

28   Dawsongroup
12. Financial instruments continued
Asset finance arrangements continued
The variable rate asset finance arrangements are principally linked to base rates or LIBOR.
The profile of the fixed rate arrangements at the balance sheet date is summarised as follows:
                                                                                              2010                                  2009
                                                                                             Foreign                               Foreign
                                                                          Sterling          currency            Sterling          currency

Weighted average interest rate                                             5.1%               5.1%               5.2%               5.8%
Weighted average period for which fixed                                43 months         62 months           51 months         56 months

Financial assets
                                                                                              2010                                  2009
                                                                           Group           Company               Group            Company
                                                                           £’000              £’000              £’000               £’000

Sterling deposits
  Unrestricted                                                                  –                  –                  –                  –
  Restricted                                                                    –                  –                  –                  –
Other cash and bank
  Sterling                                                                 6,091              6,265             3,341               2,613
  Foreign currency                                                         1,134                  –             1,105                   –
Gross financial assets                                                      7,225              6,265             4,446               2,613

Foreign currency balances include Japanese Yen to a total value of £1,000 (2009: £18,000) purchased by the group for the specific
purpose of 2011 budgeted fleet additions. As such, they are not considered to be monetary assets and are therefore shown in the
balance sheet at a weighted average cost. The unrecognised gain at 31 December 2010 based on the year-end valuation of these
currencies is £53 (2009 gain: £2,000). All other foreign currency balances are regarded as monetary assets and therefore translated
at the relevant exchange rate at the balance sheet date.
None of the financial assets earn fixed rate interest. Variable rate cash and deposits earn interest principally linked to LIBOR.
Interest rate swaps
The group’s exposure to variable rate borrowings is hedged by the use of interest rate swaps under which the group pays interest
at the following average fixed rates and receives interest at the prevailing relevant 3 and 6 month LIBOR rates.
                                                        Foreign                               2010                                  2009
                                     Sterling          currency              Total      Average rate               Total      Average rate
                                       £’000              £’000             £’000                 %               £’000                 %

Period to expiry:
Within one year                    138,500                   –          138,500                 4.7           113,500                   4.9
Between one and two years           20,000                   –           20,000                 5.4            30,000                   4.0
Between two and five years                –                   –                –                   –            20,000                   5.5
After more than five years           30,000                   –           30,000                 4.2            30,000                   4.2
                                   188,500                   –          188,500                 4.7           193,500                   4.7

At the balance sheet date the above Sterling swaps had a net negative mark to market value, determined by relevant counter-parties,
of £41,884,000 (2009: £26,288,000). Changes in the fair value of such instruments are not recognised in the financial statements
until each relevant quarterly rate fixing date. The net losses recognised in the year to 31 December 2010 amounted to £6,356,000
(2009 loss: £4,809,000) and the proportion of the net negative market value shown above which is expected to be recognised in
2011 amounts to a loss of £6,711,000.
The group’s policies on derivatives and financial instruments are set out in the operating and financial review on page 10 and the
accounting policies on page 21.
All the group’s debtors and creditors falling due within one year (other than bank and other borrowings) are excluded from the tables
in this note either due to the exclusion of short-term items or because they do not meet the definition of a financial liability.

                                                                                                         Annual Report & Accounts 2010 29
     Notes to the Financial Statements continued

     13. Other creditors
                                                                                             2010                 2009
                                                                            Group         Company      Group    Company
     Due within one year                                                    £’000            £’000     £’000       £’000

     Trade creditors                                                       23,235              19    19,987         11
     Accruals                                                               9,890           1,969    10,110      1,971
     Tax payable                                                            5,183               –     4,327          –
     Other tax and social security                                          1,371             102     3,302         96
     Deposits from subsidiary undertakings                                      –          26,034         –     30,883
     Amounts owed to subsidiary undertakings                                    –              16         –        837
                                                                           39,679          28,140    37,726     33,798
     Due after one year
     Other creditors                                                           11               –        24           –
                                                                               11               –        24           –

     14. Provisions for liabilities and charges
                                                                                             2010                 2009
                                                                            Group         Company      Group    Company
                                                                            £’000            £’000     £’000       £’000

     Deferred tax                                                          39,323               –    43,977           –
     Other provisions                                                       2,534             799     2,959         901
                                                                           41,857             799    46,936         901

                                                                                             2010                 2009
                                                                            Group         Company      Group    Company
     Deferred tax                                                           £’000            £’000     £’000       £’000

     Accelerated capital allowances                                        44,092               –    51,049           –
     Other timing differences                                                (465)              –      (779)          –
     Undiscounted provision for deferred tax                               43,627               –    50,270           –
     Discount                                                              (4,304)              –     (6,293)         –
     Provision for deferred tax                                            39,323               –    43,977           –

     Amounts provided have been calculated at future expected rates of corporation tax.

                                                                                             2010                 2009
                                                                            Group         Company      Group    Company
     Other provisions                                                       £’000            £’000     £’000       £’000

     Long-term incentive schemes                                            2,156             799     2,327         901
     Miscellaneous                                                            378               –       632           –
                                                                            2,534             799     2,959         901

30   Dawsongroup
14. Provisions for liabilities and charges continued
                                                                          Deferred tax     schemes       Miscellaneous             Total
Movement in the year                                                            £’000         £’000              £’000            £’000

As at 1 January 2010                                                         43,977          2,327               632            46,936
Exchange adjustment                                                               12             (7)               –                  5
(Credited)/charged to profit and loss account in the year                      (4,666)        1,591               114             (2,961)
Utilised in the year                                                               –        (1,755)             (368)            (2,123)
As at 31 December 2010                                                       39,323          2,156               378            41,857

The provision for long-term incentive schemes at 31 December 2010 included £451,000 (2009: £632,000) in respect of the director’s
long-term service bonus scheme (note 4) and £1,705,000 (2009: £1,695,000) relating to schemes in place for other employees.
Miscellaneous provisions principally relate to future contractual liabilities.

15. Called up share capital
                                                                                             2010                                 2009
                                                                                 Number       £’000           Number              £’000

Ordinary shares of 25p each                                              41,609,814        10,402        41,609,814             10,402
Zero coupon shares of 213⁄7 p each                                       10,955,917          2,348       10,955,917              2,348
                                                                                           12,750                               12,750
Allotted, Issued and Fully Paid
Ordinary shares of 25p each                                              22,838,776          5,710       22,838,776              5,710
Zero coupon shares of 213⁄7 p each                                       10,955,217          2,347       10,955,217              2,347
                                                                                             8,057                               8,057

The zero coupon shares carry no entitlement to participate in profits but in all other respects rank pari passu with ordinary shares.

16. Reconciliation of movements in shareholders’ funds
                                                                                             2010                                 2009
                                                                                  Group   Company               Group          Company
                                                                                  £’000      £’000              £’000             £’000

Opening shareholders’ funds                                                 164,085        58,906           155,995             57,585

Profit for the financial year                                                  13,724        12,253            11,475              3,605
Dividends paid                                                               (9,992)       (9,992)            (2,284)           (2,284)
Exchange rate adjustment                                                       (509)            –             (1,101)                –
Net movement in shareholders’ funds                                              3,223       2,261             8,090             1,321
Closing shareholders’ funds                                                 167,308        61,167           164,085             58,906

                                                                                                       Annual Report & Accounts 2010 31
     Notes to the Financial Statements continued

     17. Reserves
                                                                                Share                                Profit
                                                                             premium             Capital          and loss
                                                                              account            reserve          account                 Total
                                                                                £’000              £’000            £’000                £’000

     As at 1 January 2010                                                      1,285             9,980           144,763           156,028
     Profit for the year                                                            –                 –            13,724            13,724
     Dividends                                                                     –                 –             (9,992)           (9,992)
     Exchange rate adjustment                                                      –                 –               (509)             (509)
     As at 31 December 2010                                                    1,285             9,980           147,986           159,251
     As at 1 January 2010                                                      1,285             6,658            42,906               50,849
     Profit for the year                                                            –                 –            12,253               12,253
     Dividends                                                                     –                 –             (9,992)              (9,992)
     As at 31 December 2010                                                    1,285             6,658            45,167               53,110

     The company has taken advantage of the exemption not to publish its own profit and loss account as permitted by section 408 of the
     Companies Act 2006.

     The cumulative amount of goodwill resulting from acquisitions which has been written off directly to reserves is set out below:

                                                                                                                    2010                 2009
                                                                                                                    £’000                £’000

     As at 1 January 2010 and 31 December 2010                                                                     4,165                4,165

     18. Net cash inflow from operating activities
                                                                                                                    2010                 2009
                                                                                                                    £’000                £’000

     Operating profit                                                                                              28,914               25,386
     Depreciation                                                                                                 61,043               63,915
     Impairment                                                                                                    4,000                     –
     Amortisation of goodwill                                                                                        417                   417
     Profit on sale of tangible fixed assets                                                                        (2,224)               (1,096)
     Decrease/(increase) in stocks                                                                                   665                  (506)
     Increase in debtors                                                                                          (2,168)               (4,969)
     Increase/(decrease) in creditors and other provisions                                                           873                (5,983)
     Net cash inflow from operating activities                                                                     91,520               77,164

32   Dawsongroup
19. Reconciliation of net cash flow to movement in net debt
                                                                                      2010             2009
                                                                                      £’000            £’000

Increase/(decrease) in cash                                                            845              (828)
Cash outflow from asset finance repayments                                            80,002           80,128
Cash inflow from asset finance advances                                              (49,821)         (47,746)
Cash outflow/(inflow) from change in deposits                                          2,895            (5,494)
Change in net debt resulting from cash flows                                         33,921           26,060
Exchange adjustment                                                                    203              626
Movement in net debt                                                                34,124           26,686
Net debt as at 1 January                                                          (192,847)        (219,533)
Net debt as at 31 December                                                        (158,723)        (192,847)

20. Analysis of net debt
                                                            As at                                      As at
                                                        1 January      Cash        Exchange     31 December
                                                             2010        flow      adjustment           2010
                                                             £’000     £’000           £’000           £’000

Cash at bank                                              1,835         (90)            (26)          1,719
Overdrafts                                               (6,573)       935                –          (5,638)
                                                         (4,738)       845              (26)         (3,919)
Asset finance due within one year                         (62,549)     9,655             55           (52,839)
Asset finance due after more than one year              (128,171)     20,526            174         (107,471)
                                                       (190,720)     30,181            229         (160,310)
Cash placed on deposit                                       2,611    2,895               –           5,506
Total                                                  (192,847)     33,921            203         (158,723)

                                                                               Annual Report & Accounts 2010 33
     Notes to the Financial Statements continued

     21. Financial commitments
     Future capital expenditure
                                                                                                                  2010             2009
                                                                                                                  £’000             £’000

     Outstanding contracts for capital expenditure                                                              32,648             5,534

     Future purchase undertakings
     As part of its trade the group has undertaken to purchase commercial vehicles and trailers from certain lessors and manufacturers
     upon the future termination of operating lease agreements or other arrangements with third parties at prices estimated to be not
     less than realisable value at the time of purchase. At 31 December 2010 the maturity periods and maximum amount of these
     undertakings were:
                                                                                                                  2010             2009
                                                                                                                  £’000             £’000

     Within one year                                                                                             1,370             2,423
     Between one and two years                                                                                     336             1,706
                                                                                                                 1,706             4,129

     Operating lease commitments
     At 31 December 2010 the group was committed to making the following payments in the year to 31 December 2011 under operating
     leases which expire:
                                                                                                2010                               2009
                                                                           Land and          Hire fleet         Land and          Hire fleet
                                                                           buildings            assets          buildings          assets
                                                                               £’000             £’000             £’000            £’000

     Within one year                                                            96                  –              224                   40
     Between one and two years                                                 270                  –              206                    –
     Between two and five years                                                 623                  –              557                    –
     After more than five years                                                  60                  –                –                    –
                                                                             1,049                  –              987                   40

     Parent company guarantees
     Dawsongroup plc guarantees certain financial obligations of its subsidiary undertakings in the normal course of business.
     At 31 December 2010 these obligations amounted to £153,214,000 (2009: £185,090,000).

     22. Related party transactions
     Advantage has been taken of the exemption conferred by FRS 8 not to disclose transactions with subsidiary undertakings 100%
     of whose voting rights are controlled within the group.

34   Dawsongroup
Five Year Record

                                                 2010       2009       2008            2007            2006
                                                  £’000      £’000      £’000          £’000            £’000

Turnover                                       145,188    141,909    153,204        144,638         136,397

Operating profit before exceptional items        28,914     25,386     38,463         38,382          34,530
Exceptional items                                    –          –          –              –               –

Profit on ordinary activities before interest    28,914     25,386     38,463         38,382          34,530
Net interest payable                             9,729      9,636     10,391         11,318          13,053

Profit before tax                                19,185     15,750     28,072         27,064          21,477

Intangible fixed assets                           2,095      2,512      2,929          3,347           3,764
Tangible fixed assets                           380,883    415,889    450,278        405,299         400,244
Net current liabilities (excluding cash
   and short-term borrowings)                  (15,090)   (14,533)   (26,767)       (13,228)         (14,492)
Provisions for liabilities and charges         (41,857)   (46,936)   (50,912)       (46,748)         (46,686)

Net assets employed                            326,031    356,932    375,528        348,670         342,830

Share capital                                    8,057      8,057      8,057          8,057           8,057
Reserves                                       159,251    156,028    147,938        130,847         112,757

Shareholders’ funds                            167,308    164,085    155,995        138,904         120,814
Net borrowings                                 158,723    192,847    219,533        209,766         222,016

Capital employed                               326,031    356,932    375,528        348,670         342,830

Operating profit before exceptional
 items as a percentage of:
 Turnover                                       19.9%      17.9%      25.1%          26.5%            25.3%

  Average capital employed                       8.5%       6.9%      10.6%          11.1%            10.0%

Borrowing ratio                                  95%        117%       141%           151%             184%

Average number of employees                       558        608        620             599             592

Turnover per employee (£)                      260,194    233,403    247,103        241,466         230,400

Operating profit per employee (£)                51,817     41,753     62,037         64,077          58,328

                                                                                Annual Report & Accounts 2010 35
     Business Directory

     UK business centres                     Dawsonrentals Sweepers        Overseas business centres
     (Supported by a Branch Network
                                             Municipal House               France
                                             Armytage Road                 Modulfroid Service SARL
     of 30 locations)
                                             Brighouse HD6 1PT             1 rue Lenôtre
     Dawsonrentals Truck and
                                             Tel: 01484 400111             BP 636
     Trailer Limited
                                             Fax: 01484 400063             95196 Goussainville Cedex
     Delaware Drive, Tongwell
                                             Email:                        Paris
     Milton Keynes MK15 8JH
                                             contactus@dawsongroup.co.uk   France
     Tel: 01908 218111
     Fax: 01908 218444                                                     Tel: 00 33 1 39 88 63 00
                                             Dawsonrentals Portable        Fax: 00 33 1 39 88 62 63
                                             Cold Storage Limited          Email: info@modulfroid.fr
                                             Fulwood Industrial Estate
                                             Sutton-in-Ashfield             Germany
     Used Vehicle Disposals Division
                                             Nottinghamshire NG17 6AF      Thermobil Mobile Kühllager GmbH
     National Truck and Trailer Sales
                                             Tel: 01623 516666             Jagenbergstrasse 4
     Delaware Drive, Tongwell
                                             Fax: 01623 516819             D-41468 Neuss
     Milton Keynes MK15 8JH
                                             Email:                        Germany
     Tel: 01908 218111
                                             contactus@dawsongroup.co.uk   Tel: 00 49 2131 40301 0
     Fax: 01908 218444
     Email:                                                                Fax: 00 49 2131 40301 20
                                             Dawsonrentals Display         Email: info@thermobil.de
     contactus@dawsongroup.co.uk             Refrigeration Limited
                                             Units 15 & 16                 The Netherlands
     Dawsonrentals Bus and                   Pucklechurch Trading Estate   Dawsonrentals (Nederland) BV
     Coach Limited                           Pucklechurch                  Geyssendorfferweg 66
     Delaware Drive, Tongwell                Bristol BS16 9QH              3088 GK Rotterdam
     Milton Keynes MK15 8JH                  Tel: 01179 373310             The Netherlands
     Tel: 01908 218111                       Fax: 01179 373316             Tel: 00 31 10 495 2955
     Fax: 01908 218444                       Email:                        Fax: 00 31 10 495 3226
     Email:                                  contactus@dawsongroup.co.uk   Email: info@dawsonrentals.nl
                                             Dawsonrentals Temporary       Ireland
     Used Bus and Coach Disposals Division   Kitchens Limited              Dawsonrentals (Ireland) Limited
     Ventura                                 Units 15 & 16                 Unit 20, Toughers Business Park
     Unit 39, Hobbs Industrial Estate        Pucklechurch Trading Estate   Newhall, Naas
     Newchapel, Lingfield RH7 6HN             Pucklechurch                  County Kildare
     Tel: 01342 835206                       Bristol BS16 9QH              Ireland
     Fax: 01342 835813                       Tel: 01179 373310             Tel: 00 353 45 44 88 10
     Email:                                  Fax: 01179 373316             Fax: 00 353 45 44 88 11
     contactus@venturasales.co.uk            Email:                        Email: info@dawsonrentalsireland.com
     Dawsonrentals Materials                                               Poland
     Handling Equipment Limited              LHE Finance Limited           Dawsonrentals Polska Sp. z o.o.
     Aberford Road, Garforth                 21 Headlands Business Park    ul. Marywilska 34 A
     Leeds LS25 2ET                          Ringwood BH24 3PB             03-228
     Tel: 01132 874874                       Tel: 01425 474070             Warszawa
     Fax: 01132 869158                       Fax: 01425 474090             Poland
     Email:                                  Email:                        Tel: 00 48 22 877 4115
     contactus@dawsongroup.co.uk             contactus@dawsongroup.co.uk   Fax: 00 48 22 877 4113
                                                                           Email: info@dawsonrentals.pl

36   Dawsongroup
Dawsongroup plc
Delaware Drive
Milton Keynes
MK15 8JH

01908 218111

01908 218444


Registered number: 1902154

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