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Tue September 24 2024

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Ashtead pulls forward on both sides of the pond

6 Sep 11 Plant and tool hirer A-Plant saw its revenues rise 12% year-on-year in the three months to 31 July, reaching £46.1m, up from £39.7m for the same period in 2010.

A-Plant made Ebitda of 拢12.6m for the period (2010: 12.3m) and operating profit up 15% to 拢2.3m (2010: 拢2.0m).

This result included a 3% growth in average fleet on rent and 5% yield improvement.

Parent company Ashtead鈥檚 first quarter results were also boosted by improvements at its US operation Sunbelt, where revenue climbed 11% to 拢222.5m (2010: 拢199.4m) and operating profit jumped 54% to 拢45.6m (2010: 拢29.7m).

Group pre-tax profit for the first quarter more than doubled from 拢14.0m last time to 拢33.8m.

Ashtead said that full year results would be well ahead of previous forecasts.

Chief executive Geoff Drabble said: "Our end construction markets continue to behave in line with our expectations and now appear to be broadly flattening after two years of significant decline.聽 Against this backdrop, the 21% rental revenue and 67% profit growth achieved at Sunbelt show that we are clearly benefitting from the ongoing structural change in the US rental market.聽 Sunbelt has also now delivered 15 consecutive months of year on year rental revenue growth.聽 These structural trends are likely to continue with further increases in rental penetration and Sunbelt's market share expected.

鈥淭ogether with our ongoing improvement in both yield and operational efficiency, these trends resulted in a very strong quarter with pre-tax profits of 拢34m.聽 August's US rental revenues continued this pattern with growth of 25%.聽 As a result, the board now anticipates a full year result substantially ahead of its previous expectations."

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