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US hurricanes cleanup helps power Ashtead results
Ashtead said reported rental revenue increased 21% to £2.6bn for the nine months to the end of January and underlying pre-tax profit was up by 24% on a constant currency basis to £742m.
The equipment rental group said it expected capital expenditure for the year to be towards the upper end of guidance at around £1.2bn, adding that it expected full year results to be line with expectations.
The company's Sunbelt operation in the US contributed $75m-$85m in rental revenue thanks to its work in supporting the clean-up efforts after hurricanes Harvey, Irma and Maria.
US President Donald Trump's tax cuts also produced an exceptional tax credit of £414m, mainly a credit of £397m arising from the remeasurement of the group's US deferred tax liabilities.
"All our divisions continue to perform well in supportive end markets. While currency continues to be a headwind, we expect this to be mitigated by the strong underlying performance in North America," said chief executive Geoff Drabble.
The equipment rental group said it expected capital expenditure for the year to be towards the upper end of guidance at around £1.2bn, adding that it expected full year results to be line with expectations.
The company's Sunbelt operation in the US contributed $75m-$85m in rental revenue thanks to its work in supporting the clean-up efforts after hurricanes Harvey, Irma and Maria.
US President Donald Trump's tax cuts also produced an exceptional tax credit of £414m, mainly a credit of £397m arising from the remeasurement of the group's US deferred tax liabilities.
"All our divisions continue to perform well in supportive end markets. While currency continues to be a headwind, we expect this to be mitigated by the strong underlying performance in North America," said chief executive Geoff Drabble.
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