EQUIPMENT rental group Ashtead has reported increased earnings, profit and revenue for the first quarter of the year.
On an underlying basis, rental revenue rose 17 per cent to £828.8m in the three months to 31 July, up from £660.8m in the same period of last year. Operating profit increased 20 per cent to hit £266.5m, compared with £206.6m this time last year, and pre-tax profit was up 21 per cent at £238.5m.
Hurricane season has dominated global headlines, and while it's mainly bad news, that's not the case for Ashtead. "Currently, our efforts are focussed on supporting our colleagues, neighbours and customers and we stand ready to provide further assistance," said chief executive Geoff Drabble.
However, he added that the hurricane season has "already generated significant activity which will require a major clean-up effort and then a multi-year rebuild programme", and said it was evident the impact of Hurricanes Harvey and Irma would drive demand. As a result, the group said, it continues to hold a confident outlook for the medium term.
(c) 2017 City A.M., source Newspaper