Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Ashtead reveals profit upturn

Plant hirer Ashtead posted a healthy turnaround in the nine months to the end of January, announcing a pre-tax profit of £95.9 million.

This followed a £28.5 million loss which had been recorded for the same period the previous year.

Chief executive Geoff Drabble attributed the positive result to a strong performance across all three of the company’s divisions.

Sunbelt, the firm’s US arm, enjoyed an increase of more than 22 per cent in its operating profits, while its UK division A-Plant experienced a 13 per cent rise.

Ashtead Technology – which rents specialised electronic equipment to the offshore oil and gas sectors – boasted a consecutive period of sound growth, with a 37.3 per cent increase in profits. This followed on from a strong 27 per cent rise the previous year.

Mr Drabble said: “Despite the economic uncertainty, our markets in the US and the UK remain good and our experience on the ground suggests this will continue for the foreseeable future.”

Total revenue for the period was up from £662 million to more than £760 million. Mr Drabble said the firm was optimistic about further growth in 2008.