Strong momentum continued with 26% revenue growth in the quarter, giving 19% for the nine months to date
Record nine month pre-tax profit of £194m (2012: £105m)
Group nine month EBITDA margin rises to 39% (2012: 35%)
Net debt to EBITDA leverage reduced to 2.2 times (2012: 2.5 times)
Board anticipates full year profit ahead of its earlier expectations
Ashtead's chief executive, Geoff Drabble, commented:
"It is pleasing to report another quarter where strong revenue growth and ongoing operational efficiency have delivered record nine month profits of £194m. With this momentum clearly established in the business, we now anticipate a full year profit ahead of our earlier expectations.
To further support ongoing market opportunities, we plan to pull forward around $100m of fleet expenditure previously planned for fiscal 2014 into the fourth quarter of this year. This will have no impact on our stated intention to sustain leverage below two times.
With a broad range of metrics already at record levels at this stage in the cycle, together with a strong balance sheet to support medium term growth opportunities, the Board looks forward with confidence."
