• Sun. Dec 3rd, 2023

UK-Based Ashtead Reports Lower Profits Amid $2 Billion Charge and Troubled US Operations

ByEditor

Nov 20, 2023

Ashtead Group, a London-listed construction equipment rental company, has released a photo showcasing an example of Sunbelt Rentals hire equipment. The company cited several reasons for its downbeat outlook, including a quieter hurricane season and fewer naturally occurring events such as wildfires. Ashtead serves the construction, emergency response, and entertainment markets in the U.S., UK, and Canada and rents out equipment from diggers to construction tools.

The Hollywood actors’ and writer’s strikes affected its film and television business in Canada and had some impact on the rest of the Canadian, U.S., and UK businesses that rent into that space. Despite this setback, Ashtead expects its annual profit to come in below market expectations due to lower emergency response activity and a more than $2 billion depreciation charge for the year.

As a result of this, the company has lowered its annual group and U.S. rental revenue growth forecast, with net interest costs amounting to about $540 million for the year. However, despite these challenges, Ashtead remains committed to providing high-quality equipment rental services to its customers in all markets it operates in.

Leave a Reply