Dec 8, 2020

City Bulletin: Ashtead first-half results beat expectations

Ashtead reported with first-half results that it had outperformed the overall tool-hire market with rental revenue down 4 per cent in the period ending October. Ashtead shares have hit record highs in recent days, climbing 33 per cent since the start of the year versus a 13 per cent decline for the FTSE 100.Briefly. Ferguson, the US-focused plumbers' merchant, said underlying trading profit rose 12.2 per cent to $486m for its fiscal first quarter to October. The company said profit before tax was up 198 per cent to £37.1m for the year ended September on revenue up 38.8 per cent to £154.9m. Redde Northgate, the van hire company, reported an "Encouraging" recovery in demand with its UK and Spanish divisions performing ahead of expectations in the first half ended October. Underlying profit before tax grew 47.2 per cent to £40.6m in spite of Covid-19-related disruption to its accident support services division, the company said.

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