Ashtead Full-Year Profit Surges

ASHTEAD GROUP PL ADR ASHTY posted a 32 percent gain in its pretax profit for the full year. Ashtead's pretax profit for the year jumped to GBP104.7 million ($163.4 million), compared to GBP70.8 million, in the year-ago period. Underlying profit before tax climbed to 110.2 million pounds from 69.4 million pounds, while underlying EPS gained to 14.2 pence from 9.8 pence. Its revenue rose 29 percent to GBP538.7 million, while rental revenue gained 24 percent to GBP479.1 million. The company's board declared a final dividend of 12.25 pence per share, compared to 9.25 pence, a year ago. Chief Executive Geoff Drabble said, "The consistent execution of our well-established strategy focused on organic growth supplemented by bolt-on acquisitions has delivered both excellent financial results and significantly enhanced our geographic footprint and the breadth of the markets we serve." Ashtead shares closed at $71.10 yesterday.