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Ashtead Group Q1 Profit Rises; Group Rental Revenue Up 17% - Quick Facts

Ashtead Group plc (AHT.L) reported profit before tax of 228.9 million pounds for the first quarter ended 31 July 2017 compared to 177.9 million pounds, previous year. Profit to equity holders increased to 150.0 million pounds or 30.0 pence per share from 117.2 million pounds or 23.3 pence per share. Underlying pretax profit increased to 238.5 million pounds from 183.6 million pounds. Adjusted earnings per share was 31.3 pence compared to 24.1 pence.

First-quarter revenue increased to 880.1 million pounds from 707.1 million pounds, a year ago. Rental revenue was 828.8 million pounds, up 17% from prior year.

Ashtead's chief executive, Geoff Drabble, said: "It is too early to attempt to quantify the impact of Hurricanes Harvey and Irma accurately on our business. However, it is evident that it will result in an increase in demand for our fleet and we will provide an update at the end of Q2. Looking forward, as a minimum, we expect that the impact will help to underpin the current market assumptions in our 2021 plan and therefore the Board continues to look to the medium term with confidence."

by RTT Staff Writer

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