At Group level, we measure the performance of the business using a number of key performance indicators (‘KPIs’). These help to ensure that we are delivering against our strategic priorities. Several of these KPIs (adjusted EPS, return on investment, leverage and carbon intensity) influence the remuneration of our executive team.

Certain KPIs are more appropriately measured for each of our operating businesses, whereas other KPIs are best measured for the Group as a whole.

Key performance indicator linkages

Grow General Tool and advance our clusters  Customer
Grow General Tool and advance our clusters  Growth
Grow General Tool and advance our clusters  Performance

Grow General Tool and advance our clusters  Sustainabiity
Grow General Tool and advance our clusters  Investment
Remuneration  Linked to remuneration

Adjusted EPS (¢)

    Calculation

    Adjusted Group profit after taxation divided by the weighted average number of shares in issue (excluding shares held by the Company and the ESOT).

    Target

    As a cyclical business, adjusted EPS varies through the cycle.

    2025 performance

    Adjusted EPS was 369.5¢ per share in 2024/25.

    Strategic priorities

    Grow General Tool and advance our clusters Grow General Tool and advance our clusters Grow General Tool and advance our clusters Remuneration

    Return on investment (‘RoI’) (%)

      Calculation

      Last 12-month (‘LTM’) adjusted operating profit divided by the LTM average of the sum of net tangible and intangible fixed assets, plus net working capital but excluding net debt and tax. RoI is calculated excluding the impact of IFRS 16.

      Target

      Averaged across the economic cycle we look to deliver RoI well ahead of our cost of capital, as discussed in our strategic review.

      2025 performance

      Our RoI was 15% for the year ended 30 April 2025. The decrease in RoI compared with the prior year is predominantly due to the impact of a lower utilisation of a larger fleet. 

      Strategic priorities

      Grow General Tool and advance our clusters Grow General Tool and advance our clusters Grow General Tool and advance our clusters Grow General Tool and advance our clusters Remuneration

        Net debt and leverage at constant exchange rates

          Calculation

          Net debt is total debt less cash balances, as reported, and leverage is net debt divided by EBITDA, calculated at constant exchange rates (balance sheet rate). Both net debt and leverage exclude the impact of IFRS 16.

          Target

          We seek to maintain a conservative balance sheet structure with a target for net debt to EBITDA of 1.0 to 2.0 times (excluding IFRS 16).

          2025 performance

          Excluding lease liabilities arising under IFRS 16, net debt at 30 April 2025 was $7,517m and leverage was 1.6 times.

          Strategic priorities

          Grow General Tool and advance our clusters Remuneration

            Fleet on rent ($m/£m)

              Calculation

              Fleet on rent is measured as the daily average of the original cost of our itemised equipment on rent.

              Target

              To achieve growth rates in excess of the growth in our markets and that of our competitors.

              2025 performance

              In North America General Tool, fleet on rent increased 4% (rental revenue up 1%), in North America Specialty, fleet on rent increased by 8% (rental revenue up 8%), while in the UK it increased by 1% (rental revenue up 5%). The North American market increased by 7% and the UK market by 1%.

              Strategic priorities

              Grow General Tool and advance our clusters Grow General Tool and advance our clusters Grow General Tool and advance our clusters

                Dollar utilisation (%)

                  Calculation

                  Dollar utilisation is rental revenue divided by average fleet at original (or ‘first’) cost measured over a 12-month period.

                  Target

                  Improve dollar utilisation to drive improving returns in the business.

                  2025 performance

                  Dollar utilisation was 48% for North America General Tool, 74% for North America Specialty and 53% in the UK. The decrease in North America General Tool dollar utilisation is due to principally lower physical utilisation and fleet inflation.

                  Strategic priorities

                  Grow General Tool and advance our clusters Grow General Tool and advance our clusters Grow General Tool and advance our clusters

                    EBITDA margins (%)

                      Calculation

                      Adjusted EBITDA as a percentage of total revenue.

                      Target

                      To improve or maintain EBITDA margins.

                      2025 performance

                      Adjusted EBITDA margins in 2024/25 were 54% in North America General Tool, 48% in North America Specialty and 26% in the UK.

                      Strategic priorities

                      Grow General Tool and advance our clusters   

                      GHG intensity (tCO2e/$m)

                        Calculation

                        GHG intensity is calculated as emissions per $m of revenue (tCO2e/$m), calculated at constant exchange rates.

                        Target

                        To be Net Zero within our organisations (Scope 1 and 2) by 2050. In the short-term, we have a target of a 50% reduction in Scope 1 and 2 GHG intensity (from a baseline of 2024).

                        2025 performance

                        Our carbon emission intensity ratio was 40.6 (2024: 42.2).

                        Strategic priority

                        Grow General Tool and advance our clusters Remuneration

                        Staff turnover (%)

                          Calculation

                          Staff turnover is calculated as the number of leavers in a year (excluding redundancies) divided by the average headcount during the year.

                          Target

                          Our aim is to keep employee turnover below historical levels to enable us to build on the skill base we have established and maintain and enhance the culture of the business.

                          2025 performance

                          Total employee turnover for North America General Tool was 19%, for North America Specialty it was 24% and in the UK it was 28%.

                          Strategic priority

                          Grow General Tool and advance our clusters

                          SAFETY

                          Calculation

                          In North America, reportable incidents are reported in accordance with the OSHA (Occupational, Safety and Health Administration) framework as a Total Recordable Incident Rate (‘TRIR’). In the UK, the RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable rate is the number of major injuries or over seven-day injuries per 100,000 hours worked.

                          Target

                          Continued reduction in accident rates.

                          2025 performance

                          The TRIR was 0.89 for North America General Tool and 0.54 for North America Specialty. The RIDDOR reportable rate was 0.14 in the UK.

                          Strategic priority

                          Grow General Tool and advance our clusters