INVESTORS in British equipment rental firm Ashtead will be combing through the firm's halfyear results on Tuesday for greater clarity after a November profit warning sent shares tumbling.

The company announced last month that it expects to take a more than £1.6bn depreciation charge for the year, prompting shares to fall nearly 10 per cent.

Analysts had forecast earnings of $5.2bn (£4.1bn) for 2024, but are now forecasting $5bn.

In the update, Ashtead also lowered its annual group and US rental revenue growth forecast to between 11 and 13 per cent, down from 13 and 16 per cent, and noted net interest costs were likely to amount to around $540m (£425.23m) for the year.

The FTSE 100 firm, which rents out equipment ranging from diggers to construction tools in markets across North America and the UK, cited a range of reasons for the gloomy outlook, including less emergency responses, caused by a far quieter hurricane season and Hollywood strikes.

(c) 2023 City A.M., source Newspaper