2nd Sep 2015 06:07
LONDON (Alliance News) - Industrial equipment rental company Ashtead Group PLC on Wednesday said its pretax profit and revenue both surged higher in the first quarter of its financial year and said its full-year results look set to meet its expectations.
The FTSE 100 company said pretax profit rose 23% in the quarter to the end of July to GBP155.4 million from GBP117.5 million a year earlier, as its revenue rose to GBP618.6 million from GBP457.9 million, driven by a rise in its rental revenue to GBP539.6 million from GBP417.7 million.
The revenue growth was driven by strong trading in both its US-based Sunbelt rentals arm and in its UK-based A-Plant business, with broad-based growth in both businesses. The company said it was particularly encouraging that its seasonal improvement in demand was strong, which helped its fleet utilisation growth in the quarter.
"With both divisions performing well, strong end markets and our strategy clearly working, we expect full-year results to be in line with our expectations and the board looks forward to the medium term with confidence," said Chief Executive Geoff Drabble.
By Sam Unsted; [email protected]; @SamUAtAlliance
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