Ashtead Group PLC  

Ashtead Group PLC (LSE: AHT) is an FTSE 100 index-listed British industrial equipment rental entity that rents a range of construction and industrial equipment to a diverse customer base.

H1 FY24 Trading Update (Released on 20 November 2023)

• Revenue: The company expects to report growth across the Group rental revenue for H1 FY24 of approx. 13%. The revenue growth was primarily impacted during the Q2 FY24 on account of dealing with the emergency response from the hurricane season and a few other natural events such as wildfires. The events in the second half of 2024 could impact the revenue during the Q3 FY24.
• Profitability: The group estimated EBITDA growth of 15% to USD 2,580 mn during H1 FY24 as compared to USD 2,246 mn in pcp and the Adjusted Profit Before Tax could grow by 5% to USD 1,310 mn during H1 FY24 against USD 1,234 mn in pcp, supported by the execution of the various strategic operations to boost profitability.
• Outlook: The company expects the growth across the Group and US rental revenue to be between 11% and 13%, which is lower than the previous guidance of 13% to 16%, whereas the EBITDA is anticipated to be between 2% and 3% for FY24, the Capital expenditure guidance remains the same as previous of USD 3.9 bn to USD 4.3 bn for FY24.

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Ashtead Group PLC (LSE: AHT) was trading at the current market price of GBX 4,713.00 (as of 21 November 2023, 09:21 AM GMT)

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

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 21 November 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.