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Ashtead backs guidance despite softening UK markets

Published 05/09/2023, 07:32
Updated 05/09/2023, 07:40
© Reuters Ashtead backs guidance despite softening UK markets
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Proactive Investors - Ashtead Group PLC (LON:AHT) backed guidance despite softening UK markets as it reported strong growth in first-quarter revenue and profitability.

Chief executive Brendan Horgan said: “The group delivered another record quarter with revenue up 19%, rental revenue growth of 14% and adjusted profit before tax increasing 11%.”

The international equipment rental company said revenue in the financial first quarter to 31 July 2023 rose 19% to US$2.70 billion from US$2.26 billion.

The firm described it as a strong quarter with ongoing momentum in robust end markets with US revenue up 22% and US rental revenue up 16%.

Pre-tax profit climbed 11% to US$585 million from US$527 million while EPS jumped 14% to US$102.3 cents from US$89.7 cents.

Horgan said: “Despite UK market conditions softening, we expect overall performance to be in line with our expectations and the board looks to the future with confidence."

In the US, it highlighted clear momentum with robust end markets in North America.

Read more on Proactive Investors UK

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