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Ashtead raises full-year results expectations after end markets performance
StockMarketWire.com
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Tool and equipment hire company Ashtead has announced it expects full-year results to be 'slightly ahead' of previous expectations after performing 'exceptionally well' in end markets.
The group reported it continued to perform well in the fourth quarter of the financial year ending 30 April 2021.
It said that having paused its greenfield opening, bolt-on and share buyback programmes in March 2020, it resumed greenfield openings towards the end of the first fiscal quarter and returned to bolt-ons in February 2021.
Ashtead confirmed its intention to recommence its share buyback programme from the beginning of May 2021, given its trading performance, strong cash flow generation and the fact it expects to be at the lower end of its target leverage range of 1.5 to 2.0 times at the end of April.
Chief executive Brendan Horgan said: 'Global events over the last 12 months have demonstrated the benefits of our long-term strategy to broaden and diversify our end markets and strengthen our balance sheet.
'The group has performed exceptionally well in all our end markets and we emerge from the pandemic in a position of strength.'
At 1:47pm: (LON:AHT) Ashtead Group PLC share price was 0p at 3195p
Story provided by StockMarketWire.com
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