September 11, 2018 / 6:22 AM / 15 days ago

Ashtead says to beat full-year guidance after strong Q1

Sept 11 (Reuters) - Industrial equipment rental firm Ashtead Group Plc expects to beat its current guidance for full-year results after posting a 20 percent rise in first-quarter profit on the back of higher rental revenue at its largest unit, Sunbelt U.S.

Underlying pretax profit at the company, which rents diggers, construction tools and other industrial equipment, rose to 285.6 million pounds ($372.77 million) for the quarter ended July 31, from 238.5 million pounds a year ago, it said on Tuesday.

Rental revenue rose 16 percent to 961 million pounds. (Reporting by Shashwat Awasthi and Justin George Varghese in Bengaluru; editing by Patrick Graham)

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