Ashtead Group PLC Trading Update (9062T)
20 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMAHT
RNS Number : 9062T
Ashtead Group PLC
20 November 2023
20 November 2023
Ashtead Group plc ("Ashtead" or "Group") trading update
Ashtead will announce first half and second quarter results for
the period ended 31 October 2023 on 5 December 2023.
First-half trading summary
The Group expects to report record results for the half year and
the second quarter with Group rental revenue growth for the half
year of 13%, EBITDA growth of 15% to approximately $2,580m (2022:
$2,246m) and adjusted profit before taxation growth of 5% to
approximately $1,310m (2022: $1,243m), driven by strong execution
against our strategic growth plan, Sunbelt 3.0.
Despite robust end markets, ongoing structural drivers and a
record operating performance, the Group's revenue late in the
second quarter was affected by lower levels of emergency response
activity with a significantly quieter hurricane season than seen in
recent years and fewer naturally occurring events, such as
wildfires, with this effect continuing into the third quarter.
In addition, the well covered writers' and actors' strikes,
which have impacted our Film & TV business in Canada
significantly, have persisted for longer than anticipated with some
impact on the rest of the Canadian, US and UK businesses that rent
into that space. This has also continued into third quarter.
Full-year guidance and outlook
The Group expects to deliver record full year results. However,
reflecting the factors above, we are revising our full-year revenue
guidance and earnings expectations:
-- We now expect both Group and US rental revenue growth in the range
of 11 to 13% (previous guidance for both: 13 to 16%), which will
result in EBITDA being 2 to 3% below current market expectations.
-- In addition, we now expect a full-year depreciation charge of c.
$2,120m and a net interest cost of c. $540m which will result in
adjusted profit before tax being below current market expectations.
-- Capital expenditure guidance remains unchanged at $3.9 to $4.3bn.
Despite these one-off events impacting the current financial
year, our end markets in North America remain robust, supported in
the US by an increasing number of mega projects and recent
legislative acts. This, combined with the substantial structural
growth opportunities that we see for the business, enables the
Board to look to the future with confidence.
As outlined above, we will release our half-year results on 5
December 2023 where we will provide further detail on the
performance in the first half and second quarter and the full year
outlook.
The Group will hold a conference call for analysts and investors
this morning at 8am UK time. Dial in details are as follows:
Please join the event 5-10 minutes prior to scheduled start
time. If prompted, provide the conference password or event
title.
Dial in numbers: USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
UK-Wide: +44 (0) 33 0551 0200
UK Toll Free: 0808 109 0700
Password (if prompted): Quote Ashtead call when prompted by the
operator.
This announcement contains inside information in relation to
Ashtead for the purposes of Article 7 of the Market Abuse
Regulation. The person responsible for arranging the release of
this announcement on behalf of Ashtead is Eric Watkins, General
Counsel.
Enquiries:
Ashtead Group plc Will Shaw +44 (0) 20 7726 9700
H/Advisors Maitland Sam Cartwright +44 (0) 20 7379 5151
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END
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November 20, 2023 02:00 ET (07:00 GMT)
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