Ashtead Group PLC (LSE:AHT) has reported a strong performance in the fourth quarter which completed a year of “record performance with ongoing momentum in robust end markets.”
For the fourth quarter to April 30, 2023, the FTSE 100-listed firm reported revenue of US$2.44bn up 19% from US$2.08bn, with pre-tax profit of US$466mln, up 21%, from US$386mln and EPS of 79.1 US cents, up 19%, from 66.5 US cents.
Ashtead's chief executive, Brendan Horgan, commented: “We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the opportunities arising from these strong markets and ongoing structural change.”
For the full year, revenue increased 21% to US$9.67bn from US$7.96bn resulting in adjusted profit before tax increasing 25% to US$2.27bn from US$1.82bn.
In the US, rental-only revenue of US$5.88bn was 23% higher year-on-year, representing continued market outperformance and demonstrating the benefits of a strategy of growing its Specialty businesses and broadening end markets.
The UK business generated rental-only revenue of £429mln, up 6% on the prior year, while Canada's rental-only revenue increased by 20% to C$548mln.
Ashtead guided City scribes to revenue growth of 13% to 16% in the coming financial year.
A proposed final dividend of 85.0 US cents made a total payout of 100.0 US cents for the full year.