September 12, 2017 / 6:49 AM / a year ago

Ashtead sees increased demand from Hurricane Harvey, Irma clean up

Sept 12 (Reuters) - Industrial equipment hire group Ashtead Group said the major clean-up and rebuilding programme that will be needed in the United States after Hurricanes Harvey and Irma will generate more demand for its diggers and tools.

“It is too early to attempt to quantify the impact of Hurricanes Harvey and Irma accurately on our business. However, it is evident that it will result in an increase in demand for our fleet,” Chief Executive Geoff Drabble said.

“Looking forward, as a minimum, we expect that the impact will help to underpin the current market assumptions in our 2021 plan,” he added.

Ashtead, which hires out its tools on short-term contracts, said underlying pretax profit rose to 238 million pounds ($313.92 million) for the first quarter ended July 31, from 184 million pounds a year ago.

Underlying rental revenue rose 17 percent to 828.8 million pounds.

($1 = 0.7582 pounds)

Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru, editing by Louise Heavens

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