Buoyant US sees Ashtead look to beat annual goals

Equipment rental company Ashtead expects to beat its full-year targets after positive growth in the US in the first half.

Rental revenue was up 18 per cent to £2.07 billion, while underlying pre-tax profits jumped by about a fifth to £633 million.

Geoff Drabble, chief executive at the Londonlisted firm, said: “Our business is performing well in supportive end markets. Accordingly, we expect full year results to be ahead of our prior expectations.”

Hargreaves Lansdown analyst Nicholas Hyett said: “Ashtead is one of the most heavily US exposed businesses on the UK stock market – as Trump’s America enjoys a tax cut fuelled investment boom that’s stood it in great stead."