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September 12, 2017

Strong Ashtead performance

Filed under: Latest News — EHN Team @ 11:24 am

A-Plant’s parent company, Ashtead, has reported results for the first quarter of 2017, showing hire revenue increasing by 25% and underlying pre-tax profit increasing by 30% to £238m (2016: £184m), on turnover of £880m (2016: £707m).

Chief Executive Geoff Drabble said, “The reported results were impacted favourably by weaker sterling but, with 17% growth in Group rental revenue at constant exchange rates, we have continuing good momentum. We made significant investments in the quarter, spending £377m on capital expenditure and £116m on bolt-on acquisitions.

He added that its USA hire operation, Sunbelt Rentals, was well placed to cope with demand following the recent extreme weather condition. “Hurricane season has already generated significant activity which will require a major clean-up effort and then a multi-year rebuild programme. It is too early to attempt to quantify the impact of Hurricanes Harvey and Irma accurately on our business. However, it is evident that it will result in an increase in demand for our fleet and we will provide an update at the end of Q2.”

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