By Ian Walker


Ashtead Group is targeting group revenue of up to $16.6 billion by fiscal 2029 as part of its strategic plan, it said.

The London-listed equipment rental company expects to report revenue for fiscal 2024 of $10.675 billion compared with $9.67 billion for the year ended April 30, 2023. It has set a target to grow revenue to between $14.5 billion and $16.6 billion for fiscal 2029.

Within this, rental revenue for fiscal 2024 is expected to be $9.44 billion compared with $8.7 billion and grow to between $12.80 billion and $14.80 billion for fiscal 2029.

Earnings before interest, taxes, depreciation and amortization for fiscal 2024 are expected to be $4.825 billion compared with $4.41 billion and to rise to between $6.8 billion and $8.3 billion for fiscal 2029.

The company made the disclosure at a capital markets event in Atlanta, Georgia on Tuesday, where it set out the next stage of its strategy--Sunbelt 4.0--to grow and expand the business.

The growth plan is designed to deliver a period of strong performance through growth in volume, pricing, margin, and return on investment, Ashtead said.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

05-01-24 0210ET