Ashtead prepared for demand after storms

EQUIPMENT RENTAL group Ashtead has said it is braced for surging demand in the US for its fleet as the mammoth clean-up effort begins after devastating damage caused by hurricanes Irma and Harvey.

The group – which operates across the UK, US and Canada – said while it was too early to quantify the impact of the recent hurricanes on its business, it would clearly see increased demand in the aftermath of the storms. Chief executive Geoff Drabble,

said: “Hurricane season has already generated significant activity which will require a major clean-up effort and then a multi-year rebuild programme.

“Currently, our efforts are focussed on supporting our colleagues, neighbours and customers and we stand ready to provide further assistance.” He added: “It is evident that it will result in an increase in demand for our fleet and we will provide an update at the end of second quarter.” Ashtead is the second largest equipment rental business in the US, hiring out diggers and tools for the construction and industrial sectors. Its Sunbelt business operates across 646 locations in the US and in Canada and employs 10,610 staff. The group said the weak pound helped flatter overseas earnings in its first quarter, with underlying pre-tax profits jumping to £238.5m in the three months to July 31 from £183.6m a year earlier.