Ashtead Group (AHT.L), a British industrial equipment rental firm, announced a decline in first-quarter profit on Tuesday. Despite the drop in profit, the company reported an increase in EBITDA and higher revenues. Looking forward, Ashtead expressed optimism, stating that it has started the year positively and anticipates that the full-year results will align with expectations.For the first quarter, profit before tax stood at $544 million, a decrease of 7 percent from $585 million in the same period last year. Earnings per share fell by 10 percent to 92.4 cents, down from 102.3 cents a year ago.Adjusted profit before tax was recorded at $573 million, compared to $615 million the previous year. Adjusted earnings per share were 97.4 cents, down from 107.5 cents a year earlier.In contrast, EBITDA rose by 5 percent year-over-year to reach $1.29 billion.Revenue increased by 2 percent to $2.75 billion, up from $2.70 billion in the prior year. Rental revenue showed a notable growth of 7 percent, climbing to $2.54 billion from last year’s $2.38 billion.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 structural growth opportunities we see for the business. We have started the year well and expect full-year results will be in line with our expectations. The Board looks to the future with confidence.”The material has been provided by InstaForex Company – www.instaforex.com
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