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Thu June 24 2021

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A-Plant profits leap 45%

14 Jun 16 Tools and equipment hire company A-Plant has reported strong growth in annual revenue and profit.

For the year to 30th April 2016, A-Plant revenue was up 13% to £364.8m (2015: £323.0).

Earnings before interest, taxation, depreciation and amortisation (Ebitda) were up 25% to £137.0m (2015: £109.5m).

Operating profit was up 45% to £67.0m (2015: £46.3m).

During the year A-Plant spent £10.8m on making four acquisitions: Fraluk, a climate control business, for £1m; GB Access for an initial £6m; Euremica, test instruments specialist, for £800,000; and Rapid Climate Control for £3m.

Parent company Ashtead Group, which includes the much larger US rental company Sunbelt, generated revenues of £2,5546m , up 19% on 2015’s £2,039m. Pre-tax profit was up 24% to £616.7m (2015: £473.8m).

Net debt during the year rose from £1.7bn to £2.0bn although the net debt to Ebitda ration reduced from 1.8x to 1.7x.

Chief executive Geoff Drabble said: “We continue to deliver on our well-established strategy of organic growth, supplemented by bolt-on acquisitions.  We have broadened both our geographic footprint and the markets we serve and the benefits of this diversification are evident, both in our financial performance and our market share gains.”

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