Ashtead Group Plc
14 June 2022
Audited results for the year and unaudited results
for the fourth quarter ended 30 April 2022
|
|
Fourth quarter |
Year |
||||
|
|
2022 |
2021 |
Growth 1 |
2022 |
2021 |
Growth 1 |
|
|
$m |
$m |
% |
$m |
$m |
% |
|
|
|
|
|
|
|
|
|
Revenue |
2,078 |
1,759 |
19% |
7,962 |
6,639 |
19% |
|
Rental revenue |
1,875 |
1,522 |
24% |
7,235 |
5,902 |
22% |
|
EBITDA |
900 |
766 |
18% |
3,609 |
3,037 |
18% |
|
Operating profit |
445 |
368 |
21% |
1,948 |
1,498 |
30% |
|
Adjusted2 profit before taxation |
418 |
326 |
28% |
1,824 |
1,316 |
38% |
|
Profit before taxation |
386 |
306 |
26% |
1,668 |
1,235 |
35% |
|
Adjusted2 earnings per share |
72.0¢ |
54.0¢ |
34% |
307.1¢ |
219.1¢ |
40% |
|
Earnings per share |
66.5¢ |
50.5¢ |
32% |
280.9¢ |
205.4¢ |
37% |
Full-year highlights 3
- Record performance with strong momentum across the business
- Revenue up 19%1; rental revenue up 22%1
- Good progress against all Sunbelt 3.0 actionable components
- 123 locations added in North America
- $2.4bn of capital invested in the business (2021: $947m)
- $1.3bn spent on 25 bolt-on acquisitions (2021: $172m)
- $414m (£305m) allocated to share buybacks (2021: $nil)
- Net debt to EBITDA leverage1,3 of 1.5 times (2021: 1.4 times)
- Proposed final dividend of 67.5¢, making 80.0¢ for the full year (2021: 58.0¢)
|
1 |
Calculated at constant exchange rates applying current period exchange rates. |
|
2 |
Adjusted results are stated before exceptional items and amortisation. |
|
3 |
Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The directors have adopted these to provide additional information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies' alternative performance measures, but are defined and reconciled in the Glossary of Terms on page 38. |
Ashtead's chief executive, Brendan Horgan, commented:
“I am delighted to be able to report a year of record performance for the Group. We performed strongly across all geographies with rental revenue up 22% at constant currency (23% when compared with 2019/20). This market outperformance across the business is only possible through the dedication of our team members who deliver for all our stakeholders every day, while ensuring our leading value of safety remains at the forefront of all we do.
Sunbelt 3.0 is embedded in the business and we are making good progress across all actionable components. We invested $2.4bn in capital across existing locations and greenfields and $1.3bn on 25 bolt-on acquisitions, adding a combined total of 123 locations in North America during the year. This significant investment is enabling us to take advantage of the substantial structural growth opportunity that we see for the business as we deliver our strategic priorities to grow general tool and amplify specialty. We are achieving all this while maintaining a strong and flexible balance sheet with leverage at the lower end of our target range.
Our business has demonstrated its ability over the last two years to perform in both good times and more challenging ones. The new financial year has started well and the business has clear momentum. We are well positioned to navigate the challenges and capitalise on the opportunities arising from the market circumstances we face, including supply chain constraints, inflation, labour scarcity and economic uncertainty, all factors which we believe to be drivers of ongoing structural change. The Board looks to the future with confidence.”