- Group opens 58 new locations in US
- Capital expenditure reaches $1.18bn
Ashtead (AHT) has enjoyed an excellent start to the year. The equipment rental company, which trades under the name Sunbelt Rentals, has raised its full year guidance after first half operating profits shot up by over a third and group revenue neared $3.9bn (£2.9bn).
The bulk of Ashtead’s earnings now come from the US, where it has more than 900 stores. As a result, the group has changed its presentational currency from sterling to the greenback to allow for “greater transparency” and to reduce exchange rate volatility. As such, rental-only revenue in the US rose by 16 per cent to $2.3bn, while its general tool business grew by 13 per cent from the depressed activity levels the previous year.