19th Apr 2018 08:47
LONDON (Alliance News) - Equipment rental firm Ashtead Group PLC said Thursday it has done well in its fourth quarter and it foresees results for its full year meeting expectations.
The FTSE 100-listed company is holding an investor event in New York on Thursday and Friday, focusing on its North American business Sunbelt Rentals.
Ashtead hiked its interim dividend by 16% in December while also announcing a share buyback programme worth as much as GBP1 billion, amid "strong" half year results.
It reported double-digit profit and revenue growth for the six months to October as it anticipated at the time that full-year results would be "ahead" of expectations.
Interim pretax profit expanded 19% to GBP493.1 million from GBP413.3 million the year prior after revenue grew 22% to GBP1.77 billion from GBP1.45 billion the year before.
Ashtead boosted its interim dividend 16% to 5.50 pence from 4.75p the year prior and also announced a share buyback programme of between GBP500 million and GBP1 billion to be completed over the next 18 months.
Shares were down 0.3% on Thursday at 2,095.00p each.
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Ashtead Group