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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 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

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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Ashtead Technology provides rental , management and consultancy services globally to the subsea Ashtead Technology boasts the largest equipment rental fleet in the industry with over 19,000 About us . Ashtead Technology is a global leader in the provision of technically advanced subsea

In January, United Rentals Inc, the world’s biggest equipment rental firm , posted better-than-expected fourth quarter results but warned that it expected annual revenue to come in below analysts’ estimates. Ashtead said its business had been boosted by disruption at United Rentals

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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