Unaudited results for the nine months and third quarter ended 31 January 2012
|
|
Third quarter |
Nine months |
||||
|
|
2012 |
2011 |
Growth |
2012 |
2011 |
Growth |
|
|
£m |
£m |
% |
£m |
£m |
% |
|
Underlying results |
|
|
|
|
|
|
|
Revenue |
271.3 |
221.4 |
+21% |
846.8 |
705.7 |
+23% |
|
EBITDA |
85.8 |
60.3 |
+40% |
292.4 |
220.5 |
+36% |
|
Operating profit |
33.7 |
14.9 |
+118% |
143.3 |
80.6 |
+84% |
|
Profit/(loss) before taxation |
20.6 |
(1.7) |
n/a |
105.0 |
28.3 |
+286% |
|
Earnings per share |
2.7p |
(0.2p) |
n/a |
13.3p |
3.7p |
+285% |
|
|
|
|
|
|
|
|
|
Statutory results |
|
|
|
|
|
|
|
Profit/(loss) before taxation |
20.0 |
(2.0) |
n/a |
102.9 |
21.6 |
+396% |
|
Earnings per share |
2.6p |
(0.2p) |
n/a |
13.0p |
2.8p |
+396% |
Highlights
- Record third quarter pre-tax profit of £21m (2011: £2m loss)
- Group nine month EBITDA margin rises to 35% (2011: 31%) with Sunbelt at 37% (2011: 33%)
- Net debt to EBITDA leverage further reduced to 2.5 times (2011: 2.8 times)
- Full year profit anticipated to be significantly ahead of our earlier expectations
Ashtead's chief executive, Geoff Drabble, commented:
"Once again, we are pleased to report a strong set of results. Our record third quarter pre-tax profit of £21m (2011: £2m loss), whilst undoubtedly being helped by favourable weather conditions, is predominantly due to the continuation of the momentum we have established over recent quarters.
We continue to invest strongly in organic growth, with our rental fleet now being 11% larger and an average of five months younger than a year ago. However, with a continued focus on margin improvement, this investment has been accompanied by a reduction in net debt to EBITDA leverage to 2.5 times (2011: 2.8 times).
The Board remains committed to a strategy of strong organic growth and continues to believe that we are well positioned to take advantage of a continuation of current market trends. We therefore now anticipate a full year profit significantly ahead of our earlier expectations."
