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June 19, 2018

Ashtead’s strong performance

Filed under: Latest News — EHN Team @ 9:23 am

Ashtead Group has reported strong results for the year ended 30 April with revenue up by 20% and rental revenue increasing by 21%, with pre-tax profits of £927m compared with £793m in 2017.

Sunbelt US, A-Plant and Sunbelt Canada delivered 20%, 13% and 152% rental only revenue growth respectively. The significant growth in Sunbelt Canada reflects the acquisition of CRS (Contractors Rental Supply) in August 2017, which more than doubled the size of the business.

A-Plant generated rental only revenue of £344m, up 13% on the prior year (2017: £304m). This was driven by increased fleet on rent, partially offset by yield. The company states that the adverse yield reflects a combination of product mix and rate pressure in the competitive UK market. A-Plant’s total revenue increased 13% to £472m (2017: £418m).

Ashtead’s Chief Executive, Geoff Drabble, commented: “Our end markets remain strong and are supported by the continued structural changes in our market as customers rely increasingly on rental while we leverage the benefits of scale. We continue to execute well on our strategy through a combination of organic growth and bolt-on acquisitions, investing £1.2bn by way of capital expenditure and £392m on bolt-on acquisitions in the year.”

Mr Drabble added, “Looking forward, we anticipate a similar level of capital expenditure in 2018/19 consistent with our strategic plan. So, with all 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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