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Ashtead upgrades full-year outlook on second-quarter performance
StockMarketWire.com
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Equipment rental group Ashtead upgraded its full-year outlook after a 'strong' second quarter of market outperformance eased a pandemic-led impact on first-half results.
'Based on our half year performance and assuming no further significant adverse impact on our business resulting from the COVID-19 pandemic, we now expect full year results ahead of our previous expectations,' the company said.
For the six months to 31 October, pre-tax profit fell 22% to £506 million as rental revenue slipped 4% to £2.4 billion. The company said it had produced a strong quarter of market outperformance in Q2 across the business, which contributed to rental revenue down only 4% in the half year at constant exchange rates.
The interim dividend was maintained at 7.15p per share.
Looking forward, Ashtead said the strength of its 'business model and balance sheet positions the group well in markets that are likely to remain uncertain.'
Story provided by StockMarketWire.com
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