(Reuters) - Ashtead Group (LON:AHT) reported higher annual revenue and profit on Tuesday, helped by strong demand from businesses looking to rent its construction and industrial equipment, especially in the United States.
The British company, which trades under the name Sunbelt Rentals, expects the U.S. government's $430 billion green energy subsidy package and $52 billion semiconductor manufacturing and research programme to drive up mega projects in its largest market.
Ashtead's revenue from the United States rose by 27% to $8.22 billion in the year ended April 30.
The company, which has also operations in Canada, rents out a wide range of construction and industrial equipment across several sectors.
Adjusted profit before tax increased to $2.27 billion from $1.82 billion a year earlier. Overall revenue rose 24% to $9.67 billion.