Ashtead Posts Higher Q2 Profit, Lifts Dividend

Ashtead Group PLC ASHTY reported a 33% gain in its pretax profit for the second quarter and raised its dividend by 33%. Ashtead reported a quarterly pretax profit of 141.7 million pounds ($220.99 million), compared to GBP110.4 million, in the year-earlier period. Excluding certain items, pre-tax profit surged to 145.1 million pounds from 112.8 million pounds. EPS jumped to 18.0 pence from 13.9 pence. Its revenue climbed to GBP529.4 million from GBP439.2 million. For the first half of the year, the company also declared a dividend of 3.0 pence per share. For the full year, Ashtead lifted its capital expenditure forecast to GBP925 million to GBP975 million. The company now projects full-year results to be ahead of its earlier estimates. Ashtead's chief executive, Geoff Drabble, said: “The Group delivered another strong quarter with record underlying pre-tax profits of £266m, up 33% on the prior year. It was particularly pleasing to see a strong contribution from both Sunbelt and A-Plant.” Ashtead shares rose 0.49% to close at $69.19 yesterday.