The Ashtead Group, parent company of Sunbelt Rentals, reported full fiscal year underlying operating profit of £150.5 million ($U.S. 302 million at current exchange rates). The operating profit is a 45 percent year-over-year increase at constant exchange rates.
On a pro-forma basis, Sunbelt Rentals’ full-year operating profit grew 43 percent to about $272.3 million for the full fiscal year ended April 30, up from $190.4 million in 2006. Pro forma revenues increased 8 percent to $1.5 billion.
“Higher rental revenue from a focus on developing business around our broad fleet mix, development of a correspondingly diverse customer base and improved dollar utilization through better physical utilization were key factors in Sunbelt’s financial performance,” said Cliff Miller, Sunbelt Rentals’ president and CEO. “As we enter the height of the rental season, we are one team focused on gaining market share and improving utilization.”
On the same pro forma basis, A-Plant, Ashtead’s rental group in the United Kingdom, reputed to be the U.K.’s third-largest rental company, delivered underlying operating profit growth of 40 percent to £20.7 million, reflecting its strong 11 percent organic improvement in pro forma revenues.
“This year saw substantial change and development across the group,” said Ashtead chief executive Geoff Drabble. “The NationsRent acquisition was a significant step forward in enhancing the group’s presence in the growing U.S. market. I am pleased with the progress made to date, which is reflected in the strong fourth quarter performance. The major elements of the integration are behind us and the combined business can now focus on gaining further market share and continuing to improve dollar utilization.”
Based in Fort Mill, S.C., Sunbelt Rentals is No. 2 on the RER 100.
