Construction equipment rental specialist Ashtead (AHT) has set
itself quite a high bar when it comes to its first-quarter earnings report on 5 September.

The firm has beaten revenue forecasts in nine out of the last 10 quarters. Moreover, the comparison with the same quarter last year is a tough one as rental revenue was up 26% to just over $2 billion and adjusted pre-tax profit was up 29% to $555 million versus the previous year.

For the current financial year to April 2024, the firm is targeting group rental revenue growth of 13% to 16% which equates to between $9.8 billion and $10 billion, and free cash flow of around $300 million after capital spending of between $3.9 billion and $4.3 billion.

Chief executive Brendan Horgan said the firm started the new year ‘with clear momentum in strong end markets, which are enhanced by the increasing number of mega projects and recent US legislative acts’.

According to the US Census Bureau, construction spending in the first six months of this year grew by 3% to $917 billion, with growth accelerating recently and June posting growth of 3.5%, driven by private sector works including housing.

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

September 4: Dechra Pharmaceuticals

September 5: Craneware, Alumasc

September 6: Ashmore, Darktrace, Barratt Developments

September 7: Genus

HALF-YEAR RESULTS

September 4: Belvoir

September 5: Johnson Service, Ecora Resources, Tissue Regenix, Headlam, Gamma Communications, Midwich, Getbusy, Eurocell, The Pebble Group, Luceco

September 6: Apax Global Alha, Oxford Nanopore Technologies, Bakkavor, Nexteq

September 7: Angle, Cairn Homes, Polarean Imaging, Vistry Group, W.A.G Payment Solutions, Inspects Group, Funding Circle, Direct Line Insurance, MPAC, Hilton Food, Beazley, Energean, Synthomer

TRADING ANNOUNCEMENTS

September 4: Ashtead

September 6: Alpha Financial Markets Consulting

September 7: Currys

‹ Previous2023-08-31Next ›