British industrial equipment rental firm Ashtead Group Plc announces it expects full-year results to exceed its forecasts, helped by strong growth in its North American business.
Ashtead, which has benefited from a rebound in the U.S. construction market, said its U.S. unit, Sunbelt Rentals, reported a 14.2-percent rise in underlying pretax profit in the first quarter ended July 31.
The unit contributed about 86 percent of the company's revenue in the quarter.
Ashtead's U.S.-based peer United Rentals Inc. said in July that it saw solid customer activity on both the East and West Coasts of the U.S. and reported better-than-expected second quarter results.
Ashtead's underlying pretax profit rose 4 percent to 183.6 million pounds in the first quarter.
Group rental revenue jumped 12 percent to 660.8 million pounds, the company said.
