Ashtead ‘confident’ of medium term outlook

INDUSTRIAL equipment hire group Ashtead said it was confident for its medium term outlook after it posted a record high in underlying pretax profit, on strong demand in the United States and Britain.

The company, which rents everything from small tools to large diggers and water pumps, said pretax profit rose to £490m for the year ended April 30, up from £362.1m a year ago and ahead of analyst expectations.

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It was expected to report full year profit of £485.94m according to a poll of 13 analysts.