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Ashtead Group Q1 Profit Rises; Sees Medium Term With Confidence

Ashtead Group plc (AHT.L), a British industrial equipment rental company, reported Tuesday that its first-quarter profit before taxation increased to 304.7 million pounds from 274.4 million pounds last year.

Earnings per share were 49.1 pence, up from 43.0 pence last year.

Underlying profit before taxation was 319.0 million pounds, compared to 85.6 million pounds a year earlier. Underlying earnings per share were 51.4 pence, compared to 44.8 pence last year.

Group revenue for the quarter increased 22 percent to 1.28 billion pounds from 1.05 billion pounds a year ago, with strong growth in the US and Canadian markets.

Revenue increased 17 percent at constant currency rates. Rental revenue was 1.16 billion pounds, up 16 percent at constant currency rates.

Looking ahead, Ashtead's chief executive, Brendan Horgan, said, "Our business continues to perform well in supportive end markets. Accordingly we expect business performance in line with our expectations and the Board continues to look to the medium term with confidence."

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