Ashtead Profits From Cash-Strapped Customers Increasingly Turning to Equipment Rental

Industrial equipment hire firm Ashtead more than quadrupled its annual profit and upgraded expectations for this year as slow construction markets push a growing number of cash-strapped customers to rent rather than buy equipment.

The British firm, which makes over 80 percent of revenue from its U.S. business Sunbelt, posted a pretax profit of 130.6 million pounds for the year to April 30, ahead of an analyst consensus of 122 million, according to Reuters data, and the 31 million it made last year.

For more about Ashtead's financial performance this year...