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June 13, 2017

Strong results from Ashtead

Filed under: Latest News — EHN Team @ 10:54 am

Ashtead, the parent company of A-Plant and US-based Sunbelt Rentals,  has reported strong full year results to 30 April 2017, with Group rental revenue increasing 28% and underlying pre-tax profit increasing to £793m.

Group revenue for the year increased 25% to £3,187m (2016: £2,546m) with strong growth in both Sunbelt and A-Plant, delivering 14% and 15% rental-only revenue growth respectively.

A-Plant delivered rental-only revenue of £304m, up 15% on the prior year (2016: £264m), reflecting increased fleet on hire. A-Plant’s total revenue increased 15% to £418m (2016: £365m).

Chief Executive, Geoff Drabble, commented: “The reported results were impacted favourably by weaker sterling but, with 13% growth in Group rental revenue at constant exchange rates, we have good momentum. Our end markets remain strong and, most importantly, we continue to see structural change as our customers increasingly rely on the flexibility of rental.”

He added that Ashtead had made significant investments in the year, spending £1.1bn in capital expenditure and £437m on bolt-on acquisitions. “Our markets remain good and spring has seen a good seasonal uplift in fleet on rent, together with record levels of physical utilisation for this time of year. So, with both divisions performing well and a strong balance sheet to support our plans, the Board continues to look to the medium term with confidence.”

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