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Industrial equipment hire firm Ashtead's annual profit rises 7 pct
June 13, 2017 / 6:25 AM / 6 months ago

Industrial equipment hire firm Ashtead's annual profit rises 7 pct

June 13 (Reuters) - British industrial equipment hire group Ashtead Group Plc reported on Tuesday a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business.

The company, which hires out diggers and tools on short-term contracts, said underlying pretax profit at constant currencies rose to 793.4 million pounds ($1.01 billion) in the year to April 30, from 645.3 million pounds a year ago.

Underlying rental revenue at constant currency gained 13 percent to 2.90 billion pounds.

“Looking forward, our markets remain good and Spring has seen a good seasonal uplift in fleet on rent, with record levels of physical utilisation for this time of year,” Ashtead Chief Executive Geoff Drabble said in a statement. ($1 = 0.7890 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Subhranshu Sahu)

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