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March 5, 2019

Ashtead results show confidence

Filed under: Uncategorized — EHN Team @ 11:09 am

In its results for the nine months and third quarter ended 31 January 2019, Ashtead Group has reported revenue up by 19%, rental revenue up 18% and pre-tax profit of £888m (2018: £742m).

A-Plant generated hire-only revenue of £274m, up 5% on the prior year (2018: £262m). This was driven by increased fleet on rent, with yield broadly flat. The company says the rate environment in the UK market remains competitive, and A-Plant’s total revenue increased 2% to £360m (2018: £354m).

Ashtead’s Chief Executive, Geoff Drabble, commented: “We continue to experience strong end markets in North America and are executing well on our strategy of organic growth supplemented by targeted bolt-on acquisitions. We invested £1,290m in capital and a further £491m on bolt-on acquisitions in the period which has added 112 locations and resulted in rental fleet growth of 18%.”

He added, “We expect capital expenditure for the year to be towards the upper end of our previous guidance (c. £1.6bn). Looking forward to 2019/20, we anticipate a similar level of capital expenditure to this year as we execute on our strategic plan through to 2021.

“Our business continues to perform well in supportive end markets. Accordingly, we expect full year results to be in line with our expectations and the Board continues to look to the medium term with confidence.”

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