For the six months to 31st October 2014, A-Plant produced rental revenue of 拢147m (2013 H1: 拢124m).
Total first-half revenue for A-Plant was 拢165.6m, up 20% from 拢138.2m for the same period last year. Operating profit was 拢29.7m (2013 H1: 拢17.4m).
Growth reflects 11% more fleet on rent and a 6% improvement in yield, thanks to both higher rental rates and new product lines.
With US sister company Sunbelt making a 拢269.9m first-half operating profit on 拢821.7m revenue (numbers up on last year by 22% and 15% respectively), it was a good six months for parent Ashtead Group, which is now set to outperform previous expectations for the year.
Chief executive Geoff Drabble said: "The group delivered another strong quarter with record underlying pre-tax profits of 拢266m, up 33% on the prior year.聽 It was particularly pleasing to see a strong contribution from both Sunbelt and A-Plant.
鈥淲e continue to execute on our strategy, focused on organic growth supplemented by bolt-on acquisitions.聽 We invested 拢588m in capital expenditure and a further 拢107m on bolt-on acquisitions in the period.聽 Given the profitable growth opportunities evident in our markets, we are increasing our full year guidance for capital expenditure to a range of 拢925m to 拢975m.
鈥淓ven with these significant levels of investment, we continue to grow responsibly, generating strong returns and maintaining leverage within our stated objectives.
鈥淲ith both divisions performing well, recovering end markets, and a proven track record of market share gains, we now anticipate a full year result ahead of our previous expectations."
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