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Ashtead upgrades guidance after strong second quarter

The equipment rental group is forecasting a smaller decline in rental revenue for the full year
Ashtead upgrades guidance after strong second quarter

Equipment rental group Ashtead (AHT) saw its underlying cash profits (Ebitda) fall by 7 per cent year on year to £1.2bn in the six months to 31 October. This came amid the pandemic disruption to hire demand and high fixed costs as it opted not to trim its workforce. There was a significant improvement between the first and second quarters, however, with the decline in cash profits slowing from 14 per cent to just 1 per cent. Second-quarter cash profits came in at £663m, ahead of analyst expectations of £608m.  

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