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Finning throws down gauntlet

HIRER Hewden Stuart has been challenged by its parent company Finning International to win a 30 per cent share of its UK market.

The ambitious task comes as part of Finning's drive to have 30 per cent shares from all five divisions, including its UK Caterpillar dealership and its temporary power operation.

'While we have a solid position in the UK small equipment rental market, we intend to enhance it, ' Finning ceo Doug Whitehead said at the group's annual general meeting.

He added that he was confident the five divisions would exceed the performance of 2001, which was a record for the company.

'We have the financial and managerial capacity to make another significant leap forward, ' he said.

In the first quarter of 2002, turnover was £337 million, up 6 per cent on the same period last year, while profits leapt 77 per cent to £13.5 million.

Along with the 30 per cent targets, Finning has set itself the task of growing 15 per cent a year and hitting 20 per cent for its Return on Equity.