Equipment hire outfit Ashtead (AHT) is set to announce it’s results for the 12 months to 30 April 2024 amid swirling speculation it might consider shifting its primary listing to the US.

Around 90% of its business is done in the US so there is logic to the move but if its motivation is to attract a higher valuation – often the driver for a shift across the pond – it might ultimately prove to be disappointed. Its main US rival, United Rentals (URI:NYSE) grows faster but actually trades at a slight discount to Ashtead. Based on consensus forecasts, Ashtead is on a forward price to earnings ratio of 17.4 times compared with 14.6 times for United Rentals.

In terms of the upcoming numbers, investors might have been hoping for another record year after revenue and profit hit an all-time high in the year to April 2023, though this hope looks likely to be forlorn given a hit from the Hollywood writer’s strike affecting activity in that industry and higher financing costs. Historically Ashtead has been an extremely consistent performer and a very reliable source of dividend growth.

The firm continues to invest in its own business and in M&A buying up small local competitors and integrating them and their customers into its network which adds to underlying growth.

The company has enjoyed decent momentum in recent years thanks to significant spending on construction and infrastructure in North America, some of which has been backed by the state.

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

17 June: Mind Gym

18 June: Tatton Asset Management, De La Rue, Telecom Plus, Intercede, Ashtead

19 June: Speedy Hire, Severfield, Berkeley

20 June: CMC Markets, Smith (DS)

FIRST-HALF RESULTS

18 June: Oxford Biodynamics

TRADING UPDATES

18 June: SThree

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