However, parent company Ashtead was able to report overall revenues up 9% to 拢245.2m for the period, thanks to a stronger performance from its larger US operation, Sunbelt.
Sunbelt made a first-half operating profit of 拢64.7m (2009: 拢49.3m) on revenues of 拢401.9m (2009: 拢355.4m).
A-Plant's聽operating profit rose to 拢4.2m from 拢3.1m last time.
Capital expenditure in the first half was increased to 拢96m (2009: 拢29m) of which 拢84m was rental fleet replacement with the balance spent principally on vehicles and property improvements.聽 Disposal proceeds were 拢24m (2009: 拢13m), giving net capital expenditure in the first half of 拢72m (2009: 拢16m).聽 The average age of the group's rental fleet at 31 October 2010 was 44 months (2009: 39 months), unchanged from year end.
In the year to next April, Ashtead anticipates spending around 拢225m gross and 拢175m net of disposal proceeds, principally on fleet replacement.
Chief executive Geoff Drabble said: "In this, the second consecutive quarter in which we have delivered good profit growth, it was pleasing to see rental revenues accelerating with growth of 9% in the US.聽 In the UK there were improving trends throughout the first half and, whilst the UK market remains difficult, this was also encouraging.
鈥淐learly end markets remain fragile.聽 However, increased reliance on rental by our customers particularly in the US, together with continuing market share gains, is supporting our performance, a trend we expect to continue.
鈥淎s we enter the seasonally weaker winter period precise forecasting can be difficult.聽 However, the momentum we have established during the year has continued into November and will, we expect, be sufficient to ensure a full year outcome ahead of our earlier expectations."聽
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