EQUIPMENT rental firm Ashtead enjoyed a profit boost of nearly a tenth over the summer, as its US business Sunbelt cashed in on higher demand for leasing gear.
The FTSE 100 company has reaped the benefits of construction firms choosing to rent equipment instead of buying in recent years.
Pre-tax profit was £304.7m for the three months ending 31 July, an eight per cent increase on the first quarter last year. Revenue rose 17 per cent to £1.28bn, while earnings per share were up 12 per cent to 49.1p.
Ashtead's US business drove the company's growth, with revenue in the division increasing 18 per cent to $1.38bn (£1.12bn).
Chief executive Brendan Horgan said: "Our North American end markets remain strong and we continue to execute well on our strategy of organic growth supplemented by targeted bolt-on acquisitions."
Shares fell 1.4 per cent to 2,255p.
(c) 2019 City A.M., source Newspaper