Tuesday, 12 September 2017

US hurricanes to drive demand, says Ashtead

Shares in Ashtead have jumped 6% after the industrial equipment rental firm said clean-up efforts for hurricanes Harvey and Irma would boost its trade.

Ashtead said it was too soon to say exactly how the storms would affect its results.

But it has already seen a "significant" rise in demand for its diggers and tools as it supports relief efforts.

In Texas and Florida the storms are thought to have caused $150bn-$200bn of damage.

Ashtead's comments came as it reported a 16% rise in revenue to £880m for the three months to 31 July, with pre-tax profits up 19% to £229m.
The firm said it had seen strong growth in the period, enhanced by the weakness of the pound, which boosts the value of profits earned overseas.

BBC     News.

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