Ashtead Group’s third-quarter pre-tax profit rose on higher revenue

By Anthony O. Goriainoff

Ashtead Group PLC said on Tuesday that pre-tax profit increased for the third quarter of fiscal 2022 as revenue rose, and it expected results for the full year to be higher. above the Board’s previous expectations.

The London-listed equipment rental group said that for the quarter ended Jan. 31, pre-tax profit was $392.6 million, compared to pre-tax profit of $283.8 million for the third quarter. of the 2021 financial year.

Revenue reached $2 billion from $1.62 billion the previous year.

Rental revenue during the period increased 25% to $1.82 billion.

In the nine months ended Jan. 31, the company posted pretax profit of $1.28 billion, up from $929.6 million a year earlier.

Nine-month revenue was $5.88 billion, compared to $4.88 billion a year earlier.

The company said it expects capital spending for the year to be higher than its previous forecast of $2.5 billion, and expects capital spending for fiscal year 2023 are between $3.2 billion and $3.4 billion.

“Our business continues to perform well and is well positioned to manage and take advantage of the unique market circumstances we face, including supply chain constraints, inflation and labor shortages, which , in our view, are the drivers of ongoing structural change,” the company said.

Write to Anthony O. Goriainoff at [email protected]

(END) Dow Jones Newswire

03-08-22 0240ET

Sallie R. Loera