March 7, 2017 / 7:30 AM / 5 months ago

British equipment hire firm Ashtead results on track after Q3 profit rise

1 Min Read

March 7, 2017(Reuters) - Britain's Ashtead Group Plc stuck by its annual earnings forecast on Tuesday as strong growth in the industrial equipment hire company's main North American market and a weaker British pound helped it to an 8 percent rise in third-quarter profits.

Underlying pretax profit at constant currency rose to 178.7 million pounds ($218.46 million) for the three months to Jan. 31 from 139.1 million a year earlier.

The company, which hires out diggers and tools on short-term contracts, said rental revenue at constant currency rates rose 14 percent to 729.2 million pounds while the reported figure stood at 804.5 million pounds.

$1 = 0.8180 pounds Reporting by Justin George Varghese and Esha Vaish in Bengaluru; editing by Jason Neely

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