ASHTEAD GROUP PLC has released its audited results for the year and unaudited results for the fourth quarter ended 30 April 2024. The company reported a 12% growth in group revenue, with US revenue up 13% and rental revenue up 11%. The operating profit was $2,654m, representing a 5% increase from the previous year. The company invested $4.3bn in capital across existing locations and greenfields and $905m on 26 bolt-on acquisitions, adding a combined 113 locations in North America. The proposed final dividend is 89.25¢, making 105.0¢ for the full year.
Ashtead's chief executive, Brendan Horgan, highlighted the strong operating performance, with record revenue and operating profit. He emphasized the dedication of the team members and the completion of Sunbelt 3.0, which laid a strong foundation for the next phase of growth. The company's strategic growth plan, Sunbelt 4.0, aims to drive long-term sustainable growth and returns for all stakeholders.
The end markets in North America remain robust, with healthy demand, supported by the increasing proportion of mega projects and ongoing legislative impacts. Ashtead is in a position of strength, with the operational flexibility and financial capacity to capitalize on the opportunities arising from market conditions and ongoing structural changes.
The company's forward-looking statements acknowledge the inherent uncertainties and business and economic risk factors underlying such statements. The trading results for revenue, EBITDA, and profit in Canada, the UK, and the US were also provided in the announcement.
Brendan Horgan and Michael Pratt will hold a conference call for equity analysts to discuss the results and outlook, and a replay will be available via the company's website shortly after the call concludes.