News story

Sunbelt Rentals revenue rises

Wednesday, 25 June 2014 ( #673 ) - Fort Mill, SC, United States
A Sunbelt Rental on an industrial job
A Sunbelt Rental on an industrial job
Ashtead Group plc subsidiary Sunbelt Rentals of Fort Mill reports rental revenues increasing 23% for the fiscal year ended 30 April versus the comparable 2013 period.

Sunbelt says its rental revenue grew to USD1.97 billion, driven by a 17% increase in fleet on rent and 4% improvement in yield. The 2013 rental revenue was USD1.61 billion.

Sunbelt says it continues to take marketshare. Sunbelt cites a report from global research firm IHS of Englewood, Colorado, noting that the US rental market as a whole grew 6% in 2013.

"We invested GBP741 million (USD1.25 million) in our rental fleet and a further GBP103 million (USD173 million) on acquisitions during the year," says Geoff Drabble, chief executive of London-based Ashtead. "We anticipate growing our fleet in the coming year in the low to mid-teens percent range and will continue to open greenfields and make bolt-ons to further grow our marketshare and profitability. Current planning suggests around 50 new locations in the new financial year, another measured step towards our medium-term objective of 600 locations."

Sunbelt's total revenue, including new and used equipment, merchandise and consumable sales, grew 20% to USD2.19 billion versus USD1.82 billion in 2013.

Specialty service divisions of Sunbelt deal with market niches for climate control, industrial resources, oil and gas, pile driving, pump and power, and scaffolding.

Ashtead's United Kingdom business trades under the A-Plant name, renting equipment principally to general industrial and construction-orientated customers. A-Plant operates 131 stores and serves a more mature market in the UK, where rental penetration is estimated at around 75%. A-Plant had fiscal 2014 revenue of GBP268.5 million (USD452 million) versus fiscal 2013 revenue of GBP206.1 million (USD319.6 million).

In May 2013, A-Plant acquired Eve Trakway Ltd of Chesterfield, England, a provider of temporary access solutions to the events and industrial sectors.
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