Ashtead Group, parent to Sunbelt Rentals in the U.S. and A-Plant in the U.K., reported 23-percent year-over-year revenue growth for its fiscal 2013 third quarter. The company said its performance continues to be driven mainly by Sunbelt, where rental revenue in the quarter grew 27 percent.
The company also posted a record nine-month profit of £194 million (US$289.6 million).
For the nine-month period, Sunbelt recorded revenues of $1.368 billion, compared to $1.130 billion for the same period a year earlier. For the nine month period, A-Plant’s revenues rose 11 percent from £138.3 million to £153.4 million.
The quarter was enhanced by the impact of Hurricane Sandy and the company estimates that this event contributed around 5 percent to Sunbelt's performance. The company said this one-time benefit will not carry forward into the next quarter.
Sunbelt’s fleet size at Jan. 31, 2012, was $2.7 billion. Utilization continued to improved and was ahead of the prior year in the third quarter. Average nine-month physical utilization was 71 percent.
The company plans to spend around about £550 million (US$821 million) for its fiscal year that ends at the end of April. This includes the pull forward of around $100 million of fleet expenditure previously planned for after April, which will now be spent in the current fiscal year. After disposal proceeds, net payments for capital expenditure are expected to be around £450 million (US$672 million).