Construction equipment rental company Ashtead Group PLC (LSE:AHT) saw a 7% increase in rental revenue but declining profit before tax on a year-on-year basis in the first half.
This was predominantly due to tighter margins in the US and Canada, only slightly offset by a margin improvement in the UK.
Full-year guidance has been maintained, with Ashtead Group management citing “a position of strength, with the operational flexibility and financial capacity to capitalise on the structural growth opportunities we see for the business”.
Group-wide revenue is expected to grow by between 5% and 8%.
Ashtead also announced the resignation of Michael Pratt as chief financial officer, who has held the role since 2018.
He will be replaced in October by Alex Pease, current ashgchief financial officer of WestRock.
FTSE 100-listed shares bounced 4% higher following the quarterly update.