LONDON (ShareCast) - (Sharecast News) - Equipment rental firm Ashtead said on Tuesday that full-year results were set to be ahead of its expectations following a strong third-quarter performance, as it highlighted "robust" end markets.
In the quarter to the end of January 2023, adjusted pre-tax profit rose 26% from the same period a year earlier to $535m, with revenue up 21% to £2.4bn. Ashtead pointed to a strong quarter across all geographies.

The company also said capital expenditure for the full year is expected to be slightly ahead of its previous guidance at $3.5bn to $3.7bn. Looking forward to 2023/24, its initial plans are for gross capital expenditure of $4.0bn to $4.4bn, of which US rental capital expenditure is $3.0bn to $3.3bn. This should enable mid-teens rental revenue growth in the US, it said.

Chief executive Brendan Horgan said: "Our business is performing well with clear momentum in strong end markets, which are enhanced by the increasing number of mega projects and recent US legislative acts.

"We are in a position of strength, with operational flexibility to capitalise on the opportunities arising from these strong markets and the ongoing drivers of structural change, including supply chain constraints, inflation and labour scarcity. We now expect full year results ahead of our previous expectations and the board looks to the future with confidence."

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