Chairman's AGM Statement

ASHTEAD GROUP PLC
4 October 1999
                                       
                               ASHTEAD GROUP PLC
                                       
                            ANNUAL GENERAL MEETING



At today's Annual General Meeting of Ashtead Group PLC, the leading UK and US
equipment outsourcer, Peter Lewis, Chairman, said:

'Ashtead  has  continued the good start to the year that I reported  with  our
preliminary  results  on 12 July.  I will come back to  the  trading  position
later.   I  am  constrained  in what I can say today  because,  following  our
strategic  review  statement  on 31 August, we are  technically  in  an  offer
period.  However, I would like to take a moment to restate the purpose  behind
the review.

'Substantial  growth  opportunities in the equipment rental  sector  currently
exist  both in the US and the UK.  They will not last forever.  As I  said  at
the  time  of  our  annual  results in July, Ashtead  is  well  positioned  to
participate  in  these consolidation processes.  However, the Group's  current
market  valuation does not allow us to fulfil these ambitions.  The  situation
is  disappointing,  particularly  as over the  last  five  years  Ashtead  has
delivered  significant  growth  for its shareholders,  increasing  its  profit
centre  network from 72 to 341 while EBITDA and earnings per share have  grown
at  compound  annual growth rates of 47% and 42% respectively.   Your  board's
primary  duty  is to deliver shareholder value and, therefore, it  decided  to
instigate the strategic review.  Since our statement was issued at the end  of
August,  we have had many expressions of interest.  At the conclusion of  this
process  we  hope  we will have been able to combine the dual achievements  of
developing  our business substantially and delivering value to the  owners  of
the  Group.  I will report to you again on this important issue in due course.
In  the  meantime, please note that you will find Ashtead's share price listed
appropriately under Business or Support Services to which we were  transferred
on  20  September.   This better reflects the Group's range  of  services  and
customers.

'Now  turning  to trading;  both of our principal markets in  the  UK  and  US
remain  competitive but strong.  Consolidation continues in both supported  by
macro  indicators  which suggest sustained economic growth.  Indeed,  although
now a minority sector of our business base, the industry forecasts for the  UK
construction industry are the best they have been for many years.

'Our  most  important recent marketing initiative was the simultaneous  launch
last December of state-of-the-art Loyalty Programmes in the United Kingdom and
the  United  States.  There are now more than 17,000 members in the programmes
representing  in  aggregate  over 30% of current total  turnover  and  we  are
recruiting  new  members at the rate of 40 a day.  In the first  eight  months
since  the launch of the programmes, continuing registered customers, randomly
sampled,  have  increased their turnover with the Group by over  50%  compared
with  the  same  period  prior to the introduction  of  these  Loyalty  cards.
'Advantage' and 'Loyalty Plus' deliver real benefits to both Ashtead  and  our
customers as a result of a shared understanding of the incremental rewards  of
revenue increases to an operationally geared business like ours.

'The  diversity of our customer base continues to grow.  In the last 12 months
we  have dealt with over 150,000 customers including local government, private
and  public  utilities, rail, construction, communications, water  and  sewage
treatment,  regional (RECs) and local power generation, forestry, landscaping,
civil  engineering,  national and local users of temporary  accommodation  and
sanitation,  local  education  authorities, police  forces,  aerospace,  local
health  authorities,  entertainment and a  wide  cross-section  of  industrial
users.

'Our  innovative  preferred  supply contract with Eastern  Electricity,  which
began earlier this year, is now producing significant mutual benefits.

'Although one or two sectors notably the powered access/reach market  in  both
countries  continue to show price weakness, rental rates in the UK  have  been
stable  in recent months.  In the second half we plan to recover some of  last
year's price decreases through rate increases currently being implemented.  In
the  US,  rates  have  continued to show a welcome  slow  decline  from  their
historically  high  levels which is stimulating the switch from  ownership  to
rental.   After  a  slow  start to the year, Ashtead  Technology  has  seen  a
significant pick-up in the last two months.

'In  the  US, we have just opened our 74th profit centre - up from 66  at  the
year  end.  Our plan is to open 20 new Profit Centres by next April in our  10
State  area bringing the total to 86.  With A-Plant profit centres in  the  UK
scheduled  to increase to 278 and including Ashtead Technology, we  expect  to
have a total of 367 (341) profit centres by year end.

'The  year already shows worthwhile progress over last with revenues  for  the
five  months  ended  last  Thursday up 19.5%.  We  expect  to  report  further
progress for the year as a whole.'


Note:  The directors of Ashtead Group plc accept responsibility for the
information contained in this document.  To the best of the knowledge and
belief of the directors (who have taken all reasonable care to ensure that
such is the case), the information contained in this document is in accordance
with the facts and does not omit anything likely to affect the import of such
information.


Enquiries

Peter Lewis, Chairman
George Burnett, Managing Director
Ashtead Group plc                       Tel:  [phone]

Tim Spratt, Director
Financial Dynamics                      Tel:  [phone]