What's new:
• First-quarter pre-tax profits rose 33 per cent
• Management is guiding up analysts' full-year forecasts
• US business rapidly taking market share
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Ashtead (AHT) has raised its full-year earnings guidance after strong demand in the US and UK saw its first-quarter profits jump by a third. The tool and construction rental group said in its first-quarter results that its rental revenues grew 22 per cent to £418m, while cash profits rose 30 per cent to £210 - a margin of 46 per cent.