Australian equipment rental giant National Hire last week announced a 2007-08 net profit of AU$42.5 million (about U.S. $34.5 million) up 120 percent compared with $19.3 million in its previous fiscal year. It was National Hire’s first annual result since it acquired Australia’s largest rental company Coates Hire for AU$2.9 million in a private equity-backed transaction.

Managing director Andrew Aitken said that National Hire, 66 percent of which is owned by billionaire Kerry Stokes, is committed to further expansion.