Latest Ashtead results

6 September 2023

Ashtead Group, the parent of Sunbelt Rentals, yesterday reported record first quarter results for the period to 31 July 2023, although the business states that conditions in the UK are softening. 

Group revenue for the quarter increased 19 per cent to $2,696 million (£2,142 million) against $2,259m) in 2022. In the US, rental only revenue of $1,615 million (£1,283 million) was 16 per cent higher than the prior year, showing the positive impact of the substantial stimulus programmes provided by the Biden administration for infrastructure development and green energy projects.

The UK business generated rental only revenue of £120 million, up 15 per cent on the prior year (2022: £104 million). Excluding the impact of the Covid-related work for the Department of Health, which ended during the first quarter of last year, rental only revenue increased 18 per cent. 

The company says that rental only revenue growth in the UK has been driven by both rate and volume improvement. Rental revenue increased 1 per cent to £150 million (2022: £149 million), while total revenue decreased 2 per cent to £178 million (2022: £182 million), reflecting the high level of ancillary and sales revenue associated with the work for the Department of Health last year.

Ashtead expects rental revenues for the full year in the US to remain unchanged at 13 to 16 per cent, while the forecast for the UK has been lowered to 6 to 9 per cent from 10 to 13 per cent. 

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