Sunbelt Rentals UK revenues dipped 2% in the six months to 31st October 2022 to 拢361.4m and operating profit slipped 11% to 拢47.8m (2021: 拢53.8m).
As we have previously reported, since the coronavirus hit the UK in March 2020, Sunbelt has made more than 拢400m from supplying equipment for temporary testing centres in the UK, accounting for nearly a third of its revenues. However, this has now come to an end, Sunbelt has demobilised and it is seeking to redeploy assets.
Sunbelt UK, formerly known as A-Plant, generated rental-only revenue of 拢215m in the six months to 31st October, up 6% on the prior year (2021:聽拢203m).聽
Excluding the impact of the work for the Department of Health, rental-only revenue increased 21%.聽 Rental revenue increased 7% to 拢293m (2021:聽拢272m).
The directors explained that the 2% fall in total revenue for Sunbelt UK reflects the high level of ancillary and sales revenue associated with the work for the Department of Health, which accounted for 8% of revenue in the half year.
Parent company Ashtead Group now reports its financial in US dollar, since that is where its generates 85% of its revenue 鈥� just 9% is now in the UK and 6% in Canada.
Having added 72 locations in North America during the half-year and spent US$609m on 27 bolt-on acquisitions, Ashtead Group revenue grew 26% in the period to $4,796m and interim pre-tax profit grew by 35% to 拢1,185m.
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