Ashtead Group Plc (LON:AHT) has announced its audited results for the year and unaudited results for the fourth quarter ended 30 April 2025.
| Performance1 | Fourth quarter | Year | ||||
| 2025 | 2024 | Growth2 | 2025 | 2024 | Growth2 | |
| $m | $m | % | $m | $m | % | |
| Revenue | 2,529 | 2,628 | -4% | 10,792 | 10,859 | -1% |
| Rental revenue | 2,334 | 2,313 | 1% | 9,980 | 9,630 | 4% |
| Adjusted3 EBITDA | 1,147 | 1,141 | 1% | 5,022 | 4,893 | 3% |
| Operating profit | 523 | 561 | -7% | 2,557 | 2,654 | -4% |
| Adjusted3 profit before taxation | 430 | 446 | -3% | 2,128 | 2,230 | -5% |
| Profit before taxation | 392 | 417 | -6% | 1,998 | 2,110 | -5% |
| Adjusted3 earnings per share | 78.7¢ | 79.3¢ | -1% | 369.5¢ | 386.5¢ | -4% |
| Earnings per share | 71.9¢ | 74.4¢ | -3% | 346.5¢ | 365.8¢ | -5% |
Full-year highlights
· Record Group rental revenue up 4%2; revenue down 1%, impacted by lower sales of used
equipment
· Operating profit of $2,557m (2024: $2,654m), with $142m lower gains on disposal
· Adjusted3 profit before taxation of $2,128m (2024: $2,230m)
· Adjusted3 earnings per share of 369.5¢ (2024: 386.5¢)
· $2.4bn of capital invested in the business (2024: $4.3bn)
· Free cash inflow1 of $1,790m (2024: $216m)
· Net debt to adjusted EBITDA leverage2 of 1.6 times (2024: 1.7 times)
· Proposed final dividend of 72¢, making 108¢ for the full year (2024: 105¢)
| 1 | Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The directors have adopted these to provide additional information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies’ alternative performance measures but are defined and reconciled in the Glossary of Terms on page 34. |
| 2 | Calculated at constant exchange rates applying current period exchange rates. |
| 3 | Adjusted results are stated before amortisation and non-recurring costs associated with the move of the Group’s primary listing to the US. |
Ashtead’s chief executive, Brendan Horgan, commented:
The Group delivered record full year rental revenue and adjusted EBITDA, with growth of 4% and 3% respectively. I’d like to thank the team for these results, while leading with our safety-first culture and Engage for Life programme, which are continuing to drive improvements in our safety metrics.
We demonstrated the through-cycle, cash generative power of our business, delivering near record free cash flow of $1.8bn for the year. Combined with sustained levels of profitability, this enabled us to invest $2.4bn of capital in our growth runway, alongside our highest ever level of shareholder returns totalling $886m across dividends and share buybacks.
We continue to take advantage of strong secular tailwinds and structural progression, within our $87bn and growing industry. While completions continue to outpace starts in local non-residential construction, mega project activity continues to be robust, particularly in the data centre, semi-conductor and LNG space, with the pipeline projected to grow from c. $840bn in the FY23 – FY25 timeframe, to more than $1.3 trillion in the FY26 – FY28 timeframe. This growth comes alongside our operational success in progressing rate, as we deliver value and solutions to our customers through Sunbelt’s extensive range of products, services and expertise.
We remain focused on delivering our Sunbelt 4.0 growth strategy and, after our first year, we continue to realise momentum and extract benefits from the foundational investments made throughout Sunbelt 3.0. We added over 42,000 new customers in the year on top of the 118,000 accounts opened during Sunbelt 3.0. These new customers represent market share gains and combined generated more than $1.9bn of revenue in the year. Our cross-selling effectiveness has expanded with almost 50% of our revenue coming from customers renting both General Tool and three or more Specialty lines of business. We are achieving margin progression by driving improved efficiencies and even better customer experience. Our 401 locations added during Sunbelt 3.0 delivered an incremental $1.9bn in revenue, growing c. 20% in the year, and c. $900m in EBITDA. We continue to invest in our businesses’ secular growth opportunities, and in our first year of Sunbelt 4.0, we added an additional 61 locations. I am proud of the team for driving world-class execution and positioning us for even more success.
We are on track to move the Group’s primary listing to the US in the first quarter of calendar year 2026, and I would like to thank shareholders for their engagement and approval at last week’s EGM.
The strength of our foundation and growth strategy is reflected in our results and guidance today. I am excited for FY26 and what lies ahead as we continue to advance our great company.
