- Profit before tax fell 7% to $544m (£414m) for the first quarter to 31 July
- Operating profit dipped slightly by 2% to $688m (£524m)
Ashtead Group said it expects yearly results to be ‘in line’ with expectations despite a dip in first quarter profits.
The equipment rental company, which leases machinery like battery-powered saws and forklift trucks, saw its profit before tax fall 7 per cent – or $544million (£414million) – for the first quarter to 31 July.
The Surrey-based business, which relies heavily on its US market, also saw its operating profit dip slightly by two per cent to $688million (£524million).
The equipment rental company, which leases machinery like battery-powered saws and forklift trucks, saw its profit before tax fall by 7 per cent $544million (£414million) for the first quarter to 31 July
The business did however see a 7 per cent increase in rental revenues to $2.54billion (£1.9billion) over the same time period.
The firm added that it expects full year results to be ‘in line’ with previous expectations.
In a separate note, the group revealed that Michael Pratt, chief financial officer (CFO) of Ashtead, will be stepping down from his role in September 2025.
It added that Alex Pease will join the business in October as CFO designate.
Brendan Horgan, Ashtead’s chief executive, said: ‘In North America, the increasing proportion of mega projects and the strength of our specialty businesses has more than offset the lower activity levels in local commercial construction markets.’
In March, Ashtead’s total pre-tax profits stagnated, remaining at $1.69billion following a surge in depreciation charges and financing costs amid higher interest rates and debt levels.
The same results saw its UK sales flatlined at £523.7million over the nine-month period, partly due to the end of Covid-related contracts with the Department of Health.
Ashtead Group shares rose 4.40 per cent to 5,594p in morning trading on Tuesday.
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