In the three months to 31 January 2013, A-Plant had total revenues of £153.4, up from £138.3m for the same period last year. Operating profit was up from £5m to £9.1m.
Over the first nine months of A-Plant’s fiscal year, rental revenue was up 9% to £136m (2012: £125m), driven by a 10% growth in average fleet on rent, offset by a 2% yield decline.
With a similarly strong performance from A-Plant’s much larger sister company in the USA – Sunbelt – parent company Ashtead recorded its biggest ever nine-month pre-tax profit of £194m (2011: £105m). The board advised analysts that full year results are now expected to be ahead of their earlier forecasts.
On the back of this performance, spending plans on new inventory are being brought forward.
Ashtead chief executive Geoff Drabble said: "It is pleasing to report another quarter where strong revenue growth and ongoing operational efficiency have delivered record nine month profits of £194m. With this momentum clearly established in the business, we now anticipate a full year profit ahead of our earlier expectations.
“To further support ongoing market opportunities, we plan to pull forward around $100m of fleet expenditure previously planned for fiscal 2014 into the fourth quarter of this year. This will have no impact on our stated intention to sustain leverage below two times.
“With a broad range of metrics already at record levels at this stage in the cycle, together with a strong balance sheet to support medium term growth opportunities, the Board looks forward with confidence."
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