Unaudited results for the first quarter ended 31 July 2012
|
|
2012 £m |
2011 £m |
Actual % |
At constant rates % |
|
Underlying results |
|
|
|
|
|
Revenue |
325.0 |
268.6 |
+21% |
+18% |
|
EBITDA |
129.3 |
93.9 |
+38% |
+34% |
|
Operating profit |
73.8 |
46.2 |
+60% |
+55% |
|
Profit before taxation |
61.4 |
33.8 |
+82% |
+76% |
|
Earnings per share |
7.7p |
4.3p |
+82% |
+76% |
|
|
|
|
|
|
|
Statutory results |
|
|
|
|
|
Profit before taxation |
34.9 |
33.1 |
+5% |
+2% |
|
Earnings per share |
4.5p |
4.2p |
+8% |
+4% |
Highlights
- Record Q1 pre-tax profits1 of £61m, up 76% at constant exchange rates
- Sunbelt's rental revenue increases17%
- Group EBITDA margins rise to 40% (2011: 35%)
- Long-term debt refinanced giving significantly lower cost and longer maturities
- Board now anticipates a full year result materially ahead of its previous expectations
Ashtead's chief executive, Geoff Drabble, commented:
"We are delighted with this record performance as we continue to benefit from the trends established in the business over a number of quarters.
The markets in which we operate have performed as anticipated with gently improving conditions in the US and a more challenging outlook in the UK. We do not anticipate any significant changes to this environment in the short term.
Against this back-drop our continued market share gains are again reflected in our strong growth in fleet on rent and improving margins demonstrate our operational efficiency. Given the momentum established in the business, we now anticipate a full year result materially ahead of our previous expectations."
