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Tool hire company Ashtead said baring a second wave of Covid-19 leading to market shutdowns, it expected full-year revenue to be down mid-to-high single digits this year.
The update on guidance came as the company reported a fall in first-half profit as rental revenue slipped during the pandemic.
For the first quarter ended 31 July, pre-tax profit fell 38% to £192m on-year as revenue fell 7% to £1.2bn.
Rental revenue fell 8% to £1.1bn.
The UK business, which was rebranded Sunbelt Rentals, generated rental only revenue of £80m, down 9%, and in the US its specialty business (excluding oil and gas) grew 6% while the general tool business declined 9%.
'Assuming there is no significant COVID-19 second wave leading to major market shutdowns, like we experienced earlier this year, we expect full-year group rental revenue to be down mid to high single digits when compared with last year on a constant currency basis,' the company said.