Highlights
Group rental revenue up 24%
Record Group pre-tax profit of £490m, up 35% at constant exchange rates
£1bn invested in the rental fleet (2014: £657m)
£236m spent on bolt-on acquisitions (2014: £103m)
Net debt to EBITDA leverage of 1.8 times (2014: 1.8 times)
Group RoI of 19% (2014: 19%)
Proposed final dividend of 12.25p, making 15.25p for the full year, up 33% (2014: 11.5p)
Ashtead's chief executive, Geoff Drabble, commented:
"2014/15 was another very successful year for Ashtead. The consistent execution of our well-established strategy focused on organic growth supplemented by bolt-on acquisitions has delivered both excellent financial results and significantly enhanced our geographic footprint and the breadth of the markets we serve.
Our financial performance speaks for itself with Sunbelt and A-Plant achieving rental revenue growth of 25% and 19% respectively. Underlying Group pre-tax profit rose 35% to £490m and we generated a strong return on investment of 19%.
We invested £1bn in the rental fleet and £236m on bolt-on acquisitions during the year. We expect to again invest around £1bn in capital expenditure in the coming year and we will continue to open greenfield locations and make bolt-on acquisitions to further broaden our market exposure. This growth will, as always, be undertaken responsibly and we will maintain our leverage at, or below, two times EBITDA.
Our markets continue to provide both structural and cyclical opportunity. The business model established over recent years has a track record of exploiting these opportunities and we are supported by a strong balance sheet. Therefore the Board looks forward to the medium term with confidence."
