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Ashtead Group pretax profit increased 32%

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Ashtead Group
Ashtead Group   The company declared a final dividend of 12.25 pence per share

Ashtead Group reported a 32% increase in pretax profit for the year through April and said it continued to trade strongly in May.

The company declared a final dividend of 12.25 pence per share, up from 9.25 pence a year earlier, as pretax profit rose to GBP104.7 million ($163.4 million) from GBP70.8 million. Revenue climbed 29% to GBP538.7 million, with rental revenue up 24% at GBP479.1 million.

"The consistent execution of our well-established strategy focused on organic growth supplemented by bolt-on acquisitions has delivered both excellent financial results and significantly enhanced our geographic footprint and the breadth of the markets we serve," said chief executive officer Geoff Drabble.

We invested GBP1 billion in the rental fleet and GBP236 million on bolt-on acquisitions during the year. We expect to again invest around GBP1 billion in capital expenditure in the coming year and we will continue to open greenfield locations and make bolt-on acquisitions to further broaden our market exposure.

"This growth will, as always, be undertaken responsibly and we will maintain our leverage at, or below, two times EBITDA."

Net debt stood at GBP1.69 billion at April 30 with the debt-to-Ebitda ratio standing at 1.8 times, in line with last year on a constant currency basis.


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