Ashtead sales surge after hurricanes

Industrial equipment rental outfit Ashtead Group (LON:AHT) saw revenues rise by 20% during the  year ended 30th April as the company’s US operations benefited from demand linked to major hurricane clean-up efforts. The UK rental business saw a more modest 13% improvement in rental income. Pre-tax profits for the year rose by 16% to £862.1 million.

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However, group margins dropped by 220 basis points to 23.9% with those at the group’s Canadian operations turning negative. Geoff Drabble, Group CEO, said the firm was confident looking at the medium term. Shares in Ashtead fell by 5.69% to 2,237p at 14:30 BST.