Ashtead Group PLC (LSE:AHT) has reported a record first-half performance despite its recent warning that full-year profits would be below expectations.
The international equipment rental company said in the half year ended 31 October 2023, group revenue advanced 16% to US$5.57 billion from US$4.80 billion the year prior, with US revenue up 18% and rental revenue up 14%.
The firm said investment during the period is enabling it to take advantage of substantial structural growth opportunities.
Despite the recent warning, Ashtead said its end markets in North America remain robust with healthy demand, supported in the US by the increasing number of mega projects and recent legislative acts.
“We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the opportunities arising from these market conditions and ongoing structural change,” the company said.
Pre-tax profit grew 5% to US$1.25 billion from US$1.19 billion, adjusted earnings per share increased 6% to 225.8 cents from 212.2 cents while the interim dividend was hiked 5% to 15.75 cents from 15.0 cents.