Ashtead Group Forum

- Full-year results expected to top previous expectations - Strong demand from UK and US - Third quarter profit leaps 54 per cent FTSE 100 equipment rental business Ashtead reported a bumper set of third quarter earnings, driven by a strong performance from its two main divisions, and now expects full-year results to come in ahead of previous expectations. Underlying pre-tax profit surged 54% to £80.4m for the third quarter ended January 31st 2014 from £53.5m a year earlier. Revenue for the quarter jumped 22% to £400.1m, while earnings per share increased 51% to 10.1p. Ashtead, which makes 85% of its revenue from its US division Sunbelt, reported total nine-month pre-tax profit of £293m, up 51% at constant exchange rates. During the same period Sunbelt rental revenue grew 22% to $.5bn, driven by a 17% increase in fleet on rent and 5% improvement in yield. A-Plant delivered rental revenue of £181m, up 33% on the prior year. "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 said in a company statement. "Our strong performance continued in February. With this continuing momentum in the business 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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Nice lift following yesterday...