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Equipment rental company Ashtead reported a slight fall in third-quarter profit, as growth in the US and Canadian markets was partially offset by weakness in the UK.
For the three months ended 31 January, statutory pre-tax fell 1% to £225m and revenue rose 13% to £1.2bn.
Operating costs increased to £663m from £625m.
The company said its performance reflected 'good' profit growth in the US, a more moderate improvement in Canada and a drag from weakness in the UK.
For the nine months to 31 January, rental revenues rose 13%, with Sunbelt US, and Sunbelt Canada delivering growth 13% and 29% respectively, and A-Plant posing a 1% fall in rental revenue.
'In North America our business continues to perform well in supportive end markets, while in the UK we have taken decisive strategic action to refocus the business in the challenging market conditions,' Ashtead said. 'Although construction markets are moderating, we expect results to be in line with expectations and the Board continues to look to the medium term with confidence.'