Ashtead Group Plc, the international equipment rental company is a top riser on the FTSE100 this morning after reporting nine month and third quarter results. the groups figures show a jump of 50% in pretax profit for the period to a record £293m.
The results are underlined by strong revenue growth and an increased operating profit of £531.4 from £396.6 reported for previous period. Earnings per share are up to 36.8 pence from 24.4 pence.
The company now expects to exceed full year estimates and further growth to continue into the next period.
“The business continues to have strong momentum, resulting in record nine month pre-tax profits of £293m, up 51% from the prior year. It is particularly pleasing to see both our divisions performing so strongly.
Our strategy continues to be focused largely on organic growth, supplemented by a range of bolt-on acquisitions. We invested £491m in our rental fleet and a further £85m on acquisitions during the period. Our markets remain strong and we anticipate growing the Group’s fleet organically in the coming year in the low to mid teens percent range. We remain committed to our debt leverage target of below 2 times EBITDA.
As a result, we now anticipate a full year profit ahead of our previous expectations and the Board looks forward to the medium term with continued confidence.”
Ashtead Group Plc, the international equipment rental company is a top riser on the FTSE100 this morning after reporting nine month and third quarter results. the groups figures show a jump of 50% in pretax profit for the period to a record £293m.
The results are underlined by strong revenue growth and an increased operating profit of £531.4 from £396.6 reported for previous period. Earnings per share are up to 36.8 pence from 24.4 pence.
The company now expects to exceed full year estimates and further growth to continue into the next period.
Ashtead Chief Executive, Geoff Drabble, commented:
“The business continues to have strong momentum, resulting in record nine month pre-tax profits of £293m, up 51% from the prior year. It is particularly pleasing to see both our divisions performing so strongly.
Our strategy continues to be focused largely on organic growth, supplemented by a range of bolt-on acquisitions. We invested £491m in our rental fleet and a further £85m on acquisitions during the period. Our markets remain strong and we anticipate growing the Group’s fleet organically in the coming year in the low to mid teens percent range. We remain committed to our debt leverage target of below 2 times EBITDA.
As a result, we now anticipate a full year profit ahead of our previous expectations and the Board looks forward to the medium term with continued confidence.”
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