Image source: Megapixl.com

Highlights

  • Ashtead Group achieved approximately 19.3% year-on-year (YoY) growth in top-line business to USD 2.70 billion in Q1 FY24.
  • It posted an YoY increase of 14% in its adjusted earnings per share to 107.5 US cents in Q1 FY24.
  • AHT has made huge investments of approximately USD 1.1 billion in capital across different sites and USD 361 million on nine bolt-on acquisitions across 40 locations.

FTSE 100 index listed Ashtead Group PLC (LSE: AHT) is a British industrial equipment rental entity offering a variety of construction and industrial equipment on rent to a huge customer base.

In the first quarter of the fiscal year 2024, the company achieved approximately 19.3% year-on-year (YoY) growth in top-line business to USD 2.70 billion, owing to the ongoing momentum in end markets. Its operating profit increased to nearly 18% to USD 703 million in Q1 FY24. The company registered ~19.24% YoY surge in total dividend for FY23.

Ashtead Group posted an YoY increase of 14% in its adjusted earnings per share to 107.5 US cents per share in Q1 FY24. Its free cash outflow increased to USD 139 million in the first half of FY24, marking higher capital expenses of USD 1,164 million.

AHT has made huge investments of approximately USD 1.1 billion in capital across different sites and USD 361 million on nine bolt-on acquisitions across 40 locations. As a result, the company’s rental revenue is likely to experience a growth of around 11% to 13% for the full fiscal year 2024.

Top 10 Shareholders:

Around 23.69% of the total shareholdings is held by its top ten shareholders. While BlackRock Institutional Trust Company, N.A. owns maximum shares of around 5.01% in the firm, Vanguard Group, Inc. is the second biggest shareholder with approximately 3.45% shareholding in AHT.

Stock Price Performance

AHT’s stock price has increased by around 0.19% in the last one month. It has dropped by 3.79% in the last six months. The stock’s 52-week low and high price stand at GBX 4,386.00 and GBX 6,012.00, respectively.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 01 December 2023. The reference data in this report has been partly sourced from EODHD/Others.