Money: Bumper US performance drives soaring profits at equipment rental firm Ashtead - PressFrom - United Kingdom
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MoneyBumper US performance drives soaring profits at equipment rental firm Ashtead

05:25  11 september  2019
05:25  11 september  2019 Source:   thisismoney.co.uk

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The company, which makes 84 percent of its revenue from U . S . business Sunbelt, said first-quarter underlying profit jumped 20 percent, helped by better margins, lower capital spending on replacing equipment and a lower pound. "With the benefit of weaker sterling, we expect full year results to.

Equipment rental firm Ashtead has notched up higher first quarter profits as another bumper performance in the US offset tougher UK trading. The FTSE 100 listed group reported a 9% rise in underlying pre-tax profits to £319 million for the three months to July 31, with group revenues

Bumper US performance drives soaring profits at equipment rental firm Ashtead © Provided by Associated Newspapers Limited Ashtead reported a 9 per cent rise in underlying pre-tax profits to £319million for the three months to July 31

Equipment rental firm Ashtead has notched up higher first-quarter profits as another bumper US performance offset tougher UK trading.

The FTSE 100-listed group reported a 9 per cent rise in underlying pre-tax profits to £319million for the three months to July 31, with group revenues jumping 22 per cent to £1billion.

Statutory pre-tax profits were 8 per cent higher at £304.7million.

Its Sunbelt business in the US and Canada drove the performance, thanks to higher rental demand for industrial gear and recent acquisitions in Canada.

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Equipment rental giant Ashtead Plc reported higher first-quarter profit on Tuesday, as its U . S Ashtead gets around 90% of its sales and profit from the United States , through its Sunbelt unit " We expect business performance in line with our expectations and the board continues to look to the

Industrial equipment rental firm Ashtead Group expects to beat its previous full-year profit expectations thanks to a weaker sterling and will “With the benefit of weaker sterling, we expect full year results to be ahead of our expectations and the board continues to look to the medium term with

But its UK arm – called A-Plant – suffered a 31 per cent plunge in operating profits to £15.4million as it said the market remained competitive.

Ashtead makes around 90 per cent of its earnings from the US and the remainder largely from A-Plant in the UK.

Brendan Horgan, chief executive of Ashtead, said the group was continuing to make investment and eye acquisitions to support growth.

It spent £125million on share buybacks in the three months and is set to spend at least £500million on this over the full-year. But shares edged 1.4 per cent lower.

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