Ashtead boosted by US shift from owning to renting

News Story
- 20 Jul 2006 ( #269 ) - SURREY, United Kingdom
1 min read
UK equipment rental giant Ashtead group plc says the strength of the US non-residential construction market has seen its US subsidiary Sunbelt Rentals gain market share.

Ashtead cited US Department of Commerce figures putting the non-residential construction market's growth at 10.2 per cent in the year to April 2006. Sunbelt also was "encouraged by the ongoing shift from ownership to rental" in the US, an Ashtead statement said.

All Sunbelt regions and product areas traded higher than the previous year. The US hurricanes were estimated to have added 2 per cent to revenues for financial year ending April 2006 (2005/06).

Sunbelt invested USD384.4 million in capital expenditures and focused mainly on replacing and growing its rental fleet. Rental fleet investment was 11 per cent higher than 2004/05 and rental rates increased 12 per cent in "strong market conditions".

Sunbelt's revenue increased 23.8 per cent to USD818.7 million. Operating profit jumped 62.7 per cent to USD175.5 million from 2004/05's USD107.9 million.

Ashtead, one of the world's largest equipment rental groups, provides forklifts, aerial work platforms, backhoes, excavators and other equipment for rent through US-based Sunbelt Rentals and UK-based A-Plant. Sunbelt Rentals has a fleet of more than 4,500 forklifts. It is the US's fourth largest equipment rental company, according to the US Rental Equipment Register.

Ashtead posted revenue growth of 21.8 per cent to GBP638 million (USD1.17 billion) for the year ended April 30, 2006. In its audited results for fiscal 2005, Ashtead's underlying profit before tax was GBP67.5 million (USD123.8 million), three times 2004's GBP22.4 million (USD410.97 million).
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Previously about:
JCB agency workers lose jobs News Story - 2 Aug 2012 - Rocester, United Kingdom - 2 min read
Ashtead realises more cost savings News Story - 5 Jul 2007 - SURREY, United Kingdom - 2 min read
Forklift rental group boosts US presence News Story - 27 Oct 2005 - SURREY, United Kingdom - 1 min read
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