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Ashtead has warned that full-year earnings will come in below market expectations, as fewer natural disasters and the writers’ strike in North America hit demand for the equipment rental company’s services.
The group on Monday said it expected first-half earnings before interest, tax, depreciation and amortisation to grow 15 per cent to approximately $2.6bn, but lower than expected full-year revenues would mean ebitda was likely to come in 2-3 per cent below market forecasts.
The company added: “We now expect a full-year depreciation charge of c.$2,120m and a net interest cost of c.$540m, which will result in adjusted profit before tax being below current market expectations.”
This is a developing story