Ashtead’s UK business is now unifying under its US brand SunbeltA refusal to put its near-18,000 workers on furlough has eaten into profits at Ashtead, the FTSE 100 plant hire and tool rental company. While the decision allowed Ashtead to make a guilt-free increased dividend payment for the year to the end of April, its fixed costs sent profits plunging 38 per cent in the latest quarter. However, a generally resilient performance when its construction and building maintenance and repair markets were badly hit by the lockdowns, and a record harvesting of £447 million of cashflow as it slowed capital expenditure on new equipment, helped send Ashtead shares close to new highs. Ashtead is a predominantly American business, with 85 per cent of its £4.6 billion annual revenues there. Its UK side, which employs

Source: The Times September 08, 2020 23:03 UTC