Sunbelt Rentals UK revenues dipped 2% in the six months to 31st October 2022 to £361.4m and operating profit slipped 11% to £47.8m (2021: £53.8m).
As we have previously reported, since the coronavirus hit the UK in March 2020, Sunbelt has made more than £400m from supplying equipment for temporary testing centres in the UK, accounting for nearly a third of its revenues. However, this has now come to an end, Sunbelt has demobilised and it is seeking to redeploy assets.
Sunbelt UK, formerly known as A-Plant, generated rental-only revenue of £215m in the six months to 31st October, up 6% on the prior year (2021: £203m).
Excluding the impact of the work for the Department of Health, rental-only revenue increased 21%. Rental revenue increased 7% to £293m (2021: £272m).
The directors explained that the 2% fall in total revenue for Sunbelt UK reflects the high level of ancillary and sales revenue associated with the work for the Department of Health, which accounted for 8% of revenue in the half year.
Parent company Ashtead Group now reports its financial in US dollar, since that is where its generates 85% of its revenue – just 9% is now in the UK and 6% in Canada.
Having added 72 locations in North America during the half-year and spent US$609m on 27 bolt-on acquisitions, Ashtead Group revenue grew 26% in the period to $4,796m and interim pre-tax profit grew by 35% to £1,185m.
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