Sunbelt shows agility
15 June 2021
In its results announced today for the fourth quarter ended 30 April 2021, Sunbelt Rentals’ parent Ashtead Group has continued its strong performance despite the pandemic.
Group revenue of £5,031m was 3% higher than the prior year at constant exchange rates (2020: £5,054m) and operating profit was £1,135m (2020: £1,224m), up by 1%.
Sunbelt Rentals in the UK generated rental-only revenue of £362m, an increase of 10% on a comparable basis (2020: £349m). Total revenue increased 35% to £635m (2020: £469m), reflecting the higher level of ancillary and sales revenue associated with the work for the Department of Health as part of the Covid-19 response, accounting for approximately 29% of UK revenue in the year.
In the US, rental-only revenue of $3,976m was 2% lower (2020: $4,065m). Its specialty businesses grew 13% while the general tool business declined 4%.
Ashtead's chief executive, Brendan Horgan, commented: "We returned to growth in the fourth quarter with rental revenue up 15% over last year and up 14% when compared with the fourth quarter of 2018/19, both at constant exchange rates.
“Our performance this year illustrates the benefits of our long-term strategy to broaden and diversify our end markets and strengthen our balance sheet. This has enabled us to capitalise on our increasing scale while, at the same time, maintaining the business' agility,” he added.
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