INDUSTRIAL equipment hire firm Ashtead yesterday unveiled an 87 per cent jump in annual profits, thanks to the burgeoning recovery of the US construction market.
The FTSE 250-listed firm raised its profit forecast for the coming year as a result, also benefitting from a structural change in the US towards renting equipment.
Pre-tax profits rose to a record high of £247m for the year ended 30 April and revenue rose 19 per cent to £1.36bn.
“We’re benefitting from the start of a cyclical recovery in the US and there is plenty of growth ahead,” chief executive Geoff Drabble told City A.M. “We will supplement this growth with a few bolt-on acquisitions, when good opportunities present themselves.”
Ashtead’s share price closed five per cent higher at 658.50p.