6 December, 2022

Unaudited results for the half year and second quarter ended 31 October 2022

Read and download the unaudited results for the half year and second quarter ended 31 October 2022. You can also view the latest webcast.

 Second quarterFirst half
Rental revenue2,3081,87626%4,3833,54526%
Operating profit74557730%1,3391,05328%
Adjustedprofit before taxation68854228%1,24397928%
Profit before taxation65847440%1,18589035%
Adjustedearnings per share117.9¢90.9¢31%212.2¢162.4¢32%
Earnings per share112.8¢79.5¢43%202.4¢147.5¢38%

Half year highlights3

  • Strong first half performance with ongoing momentum in robust end markets
  • Group revenue up 26%1; US rental revenue up 28%
  • Adjusted2 earnings per share increased 32% to 212.2¢ (2021: 162.4¢)
  • Sunbelt 3.0: half-way through and ahead of plan
  • 72 locations added in North America
  • $1.7bn of capital invested in the business (2021: $1.2bn)
  • $609m spent on 27 bolt-on acquisitions (2021: $428m)
  • Net debt to EBITDA leverage1,3 of 1.6 times (2021: 1.5 times)
  • Interim dividend increased 20% to 15¢ per share (2021: 12.5¢ per share)
  • We now expect full year results ahead of our previous expectations
  1. Calculated at constant exchange rates applying current period exchange rates.
  2. Adjusted results are stated before exceptional items and amortisation.
  3. Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The directors have adopted these to provide additional information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies’ alternative performance measures but are defined and reconciled in the Glossary of Terms on page 37.

Ashtead’s chief executive, Brendan Horgan, commented:

“The Group’s strong performance across all geographies continues with rental revenue up 26% at constant currency. This market outperformance is only possible through the dedication of our team members who deliver for all our stakeholders every day, while ensuring our leading value of safety remains at the forefront of all we do.

Our end markets remain strong and half-way through our strategic growth plan, Sunbelt 3.0, we are ahead of plan.  In the period, we invested $1.7bn in capital across existing locations and greenfields and $609m on 27 bolt-on acquisitions, adding a combined 72 locations in North America. This significant investment is enabling us to take advantage of the substantial structural growth opportunities that we see for the business as we deliver our strategic priorities to grow our general tool and specialty businesses and advance our clusters.  We are achieving all this while maintaining a strong and flexible balance sheet with leverage near the bottom of our target range.

Our business is performing well with clear momentum in robust end markets.  We are in a position of strength and, with increased market clarity, have the operational flexibility to capitalise on the opportunities arising from the market and economic environment we face, including supply chain constraints, inflation and labour scarcity, all factors driving ongoing structural change.  We now expect full year results ahead of our previous expectations and the Board looks to the future with confidence.”


Will ShawDirector of Investor Relations+44 (0)20 7726 9700
Neil BennettH/Advisors Maitland+44 (0)20 7379 5151
Sam CartwrightH/Advisors Maitland+44 (0)20 7379 5151

Brendan Horgan and Michael Pratt will hold a conference call for equity analysts to discuss the results and outlook at 10am on Tuesday, 6 December 2022.  The call will be webcast live via the Company’s website at www.ashtead-group.com and a replay will be available via the website shortly after the call concludes.  A copy of this announcement and the slide presentation used for the call are available for download on the Company’s website.  The usual conference call for bondholders will begin at 3pm (10am EST).

Analysts and bondholders have already been invited to participate in the analyst call and conference call for bondholders but any eligible person not having received details should contact the Company’s PR advisers, H/Advisors Maitland (Audrey Da Costa) at +44 (0)20 7379 5151.

Forward-looking statements

This announcement contains forward-looking statements.  These have been made by the directors in good faith using information available up to the date on which they approved this report.  The directors can give no assurance that these expectations will prove to be correct.  Due to the inherent uncertainties, including both business and economic risk factors underlying such forward-looking statements, actual results may differ materially from those expressed or implied by these forward-looking statements.  Except as required by law or regulation, the directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.