Interim Results - 6 Months to 31 October 1999
Ashtead Group PLC
3 February 2000
ASHTEAD GROUP PLC
Strong Performance in Challenging Markets
Interim Results for the 6 months ended 31 October 1999
- Highest ever interim profits and cash flow
- EBITDA up 16% to £65.8m (£56.5m)
- Turnover increased by 18% at £152.4m (£128.9m)
- Dividend up 16% to 0.560p (0.483p)
- Cash inflow exceeds £50m for first time - £54.3m (£47.9m)
- Investment in hire equipment up 13% to £67.9m (£60.3m)
- Gearing at 61% largely unchanged
- Key trading results all ahead:-
Operating profit £31.7m (£25.8m)
Pre-tax profit £26.6m (£22.3m)
Post-tax profit £22.9m (£18.3m)
- Strategic review concluded with the determination that shareholder value is
best delivered by remaining independent.
Ashtead's Chairman, Peter Lewis, commented:
'These are sound results in a period in which market conditions have been
challenging for everyone in the equipment rental industry and when we have
also been conducting a strategic review. The 16% lift in our dividend
reflects the Group's strong current and prospective cash flow.
'The strategic review that we announced late in August was designed primarily
to ensure that we remained on a competitive footing with highly valued
competitors in the US. As we explored several options it became evident that
the valuation of US equipment rental companies was decreasing rapidly and with
that their ability to continue to fund growth by acquisitions. Ultimately, it
became apparent that opportunities for our growth were going to be best
achieved as an independent company, ensuring shareholders fully retained the
potential value of their investment.'
The directors of Ashtead Group plc accept responsibility for the information
contained in this announcement. 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 announcement 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, Chief Executive
Ashtead Group plc Tel: 0207 831 3113 (3.2.00)
HTTP://www.Ashtead-Group.com Tel: 01372 362300 (thereafter)
Tim Spratt / Tania Wild
Financial Dynamics Tel: 0207 831 3113
ASHTEAD GROUP PLC
The period in summary 6 months to 31 October 1999
'For
illustrative
6 months to 6 months to purposes only'
31 October 31 October 6 months to
1999 1998 31 October 1998
By number £m
Turnover 152.4 128.9 128.9
EBITDA* 65.8 56.5 56.5
Depreciation 34.1 30.7 28.2
Operating profit 31.7 25.8 28.3
Pre-tax profit 26.6 22.3 24.8
Post-tax profit (net
income) 22.9 18.3 20.3
Investment in hire
equipment 67.9 60.3 60.3
Net cash inflow from
operations 54.3 47.9 47.9
Profit share earned 2.5 2.1 2.1
By shares p
Basic earnings per share 7.090 6.030 6.700
Dividends per share 0.560 0.483 0.483
By margin %
Trading profit/EBITDA* 43.2 43.8 43.8
Depreciation (%of
turnover) 22.4 23.8 21.9
Operating profit 20.8 20.0 22.0
Pre-tax profit margins 17.5 17.2 19.2
Post-tax profit margins 15.0 14.2 15.7
Gearing 60.5 60.3 59.6
By people
Employees at period end 3,763 3,338 3,338
By location
Profit Centres at period 341 290 290
end
*Earnings before interest, tax, depreciation and amortisation
In accordance with FRS15, the company has reviewed the prospective residual
values of its rental fleet and revised the nil values previously applied.
FRS15 specifically prohibits restatement of prior year figures but to
facilitate like for like comparisons an estimate of the financial effect, had
residual values been introduced last year, is shown for illustrative purposes
only.
Important Future Dates
Payment of interim dividend 6 April 2000
Preliminary announcement of full year results 10 July 2000
Annual General Meeting 9 October 2000
Payment of final dividend 11 October 2000
Extracts from Chairman's Statement to Shareholders
for the 6 months ended 31 October 1999
Results Overview
The results for these 6 months show a worthwhile improvement in the
performance of your Group in difficult market conditions in the UK and rapidly
changing circumstances in America and the offshore market. Organic growth was
largely responsible for a turnover increase of 18% to £152.4m (£128.9m) with
EBITDA - the most accurate and consistent measurement of performance - up 16%
to £65.8m (£56.5m). Both were Group records as was the cash inflow - up 13%,
at £54.3m (£47.9m) - supporting the 16% increase in the interim dividend.
In accordance with Financial Reporting Standard 'FRS15', the company has
reviewed the prospective residual values of its rental fleet and revised the
nil values previously applied. This brings Ashtead into line with industry
wide practice and enables proper comparison to be made with our UK and US
publicly quoted competitors. FRS15 specifically prohibits restatement of
prior year figures, but to facilitate like for like comparison, an estimate of
the financial effect, had residual values been introduced last year, is shown
in the summary table and divisional analyses for illustrative purposes only.
The key turnover, EBITDA and cash inflow results are all unaltered by the
adoption of this measure which, being prospective, will have an ongoing effect
on earnings. In respect of other results, operating profit was up to £31.7m
(£25.8m) with pre-tax profit at £26.6m (£22.3m). Profit after tax was at
£22.9m (£18.3m). Basic earnings per share rose to 7.09p. (6.03p)
The interim dividend of 0.56p (0.483p) reflects the opportunities available to
the Group, and will be paid on 6 April 2000 to shareholders on the register on
3 March 2000.
Understandably, considerable management time and effort went into the
strategic review in determining that no other opportunities to create
additional shareholder value were missed. Such time would normally have been
spent on developing and driving our established businesses and in looking at
new opportunities for organic growth. The effort that went into the review
is, to a degree, reflected in these results.
Strategic Review
On 31 August 1999, the Board announced that in response to a number of
enquiries regarding a range of strategic transactions, it had engaged Salomon
Smith Barney to explore all such options in order to enhance shareholder
value, particularly with regard to opportunities in the USA. We took the rare
step for a UK company of making it public so as to keep faith with our staff.
It would have struck at the trust embodied in our devolved culture to have
conducted secret discussions which, if prematurely disclosed, would have
necessitated implausible denials.
As I indicated at the Annual General Meeting, the Board was particularly
concerned that the company might fall behind in the rapid process of
consolidation in the United States. As we have demonstrated successfully in
the UK, relative scale is important and we faced the prospect, less than 6
months ago, of being marginalised in America by the rate of expansion of the
'consolidators'. However, following the sudden collapse of their share prices
since last September, our highly geared US competitors' prospects have been
transformed. Instead of being able to fund the continuation of their growth
by acquisition, they now face the requirement to achieve solid operating
performance - in line with longer established groups such as ourselves.
This very swift change in circumstances benefits Sunbelt most of all, whose
growth in recent years has been achieved organically. The market is
continuing to grow but the pressure of consolidation from others has abated.
Sunbelt is already the most successful company in the US market in terms of
organic growth producing an almost four fold increase in turnover in the last
3 years. This has sown the seeds for strong future growth, as evidenced again
by the first half performance. Sunbelt now accounts for 40% of Group
operating profits and given the scale of the US market, we will be able to use
our significant Group cash flow to open new Profit Centres and make selective
acquisitions at more favourable prices in our chosen States.
At the same time further consolidation opportunities continue to present
themselves in the UK and there are interesting current indications of growth
in some of the major European economies.
In conclusion, your Board has decided that the conditional proposals received
by the Group did not adequately compensate shareholders for the loss of growth
and value which can be achieved by driving forward our proven business model
as an independent company. Accordingly, the Board is no longer in discussions
with third parties regarding a possible sale of the company.
Board Changes
I am pleased to accept the Board's invitation to become non-executive Chairman
after my planned retirement from full time executive responsibilities when I
am 60 in December. Accordingly, George Burnett will, with immediate effect,
become Chief Executive. With our renewed determination to grow independently
it is appropriate to recognise the contributions that key executives will make
to the further growth of the business. Ted Forshaw and Bruce Dressel, who
have each overseen more than 100% growth in the A-Plant and Sunbelt businesses
for which they have been respectively responsible during the last 3 years, are
to join the Group Board. We look forward to their contribution to the
strategic development of the Group as a whole. Ted will assume the title of
Chief Executive of A-Plant and Bruce that of President and CEO of Sunbelt.
Our Market Places
UK
In most regards, A-Plant bore the brunt of the temporary disruption to our
business caused by the strategic review. Staff and customers have been
vulnerable to misinformation from our competitors. We have also had to
absorb the 41 previously loss-making UK Plant branches into our network.
Although operationally this was accomplished before the beginning of the year,
the distractions of our strategic review have slowed the speed with which
ordinarily these branches would have been brought up to the standard of the
existing A-Plant network. They are only now earnings enhancing.
Although we continue to seek to roll-back the price decreases of the previous
18 months, consistent progress has proved difficult. However, our various
marketing programmes have helped ensure that effective rental rates have at
least remained stable. We maintained progress with our 'Advantage' loyalty
programme which continued to attract new members. Currently we have an active
signed-up membership of 12,000 and almost 40% of our current UK turnover is
now conducted with loyalty card holders. Last month we launched 'Advantage
Gold' which is specially designed for national and major accounts.
Our success as a provider of standby power and emergency response services has
led to a framework agreement with Scottish and Southern Energy PLC to add to
our year old partnership with Eastern Electricity.
During the period, management has reviewed and subsequently merged a number of
Profit Centres reducing the total at 31 October to 261. With planned openings
and prospective bolt-on acquisitions we expect to end the current year with
268 Profit Centres.
USA
We have continued to invest in our growing business in America with excellent
returns with EBITDA up 37% whilst maintaining a margin of over 44%. We are on
target to fulfil our plan of increasing our network from 66 at the beginning
of the year to at least 86 Profit Centres by the year end.
There is clear evidence that the American market is now settling into a
pattern of impressive organic growth but without the frenzy of hyper-active
acquisition which has been the characteristic of most of our publicly quoted
competitors in the market up to now. In turn, this means the scrutiny is more
focused on operational strengths and management and it is your Board's belief
that Ashtead's business model with its highly devolved profit culture, monthly
paid profit share, and strict financial parameters is best suited to the
demands and expectations of this growing market. Of course, with the bulk of
the increase in Profit Centres coming from greenfield openings there continues
to be a drag effect on profits but this diminishes as the scale of our
enterprise increases.
On 11 November we announced letters of intent to acquire 19 branches. By the
end of February we will have closed on eight individual transactions.
However, one other multi- branch purchase has been delayed until later in the
year. Further bolt-on acquisitions are in the pipeline at what are now more
reasonable prices.
Offshore
The offshore survey and inspection market is currently at its lowest level of
activity for many years - due to the postponement of projects caused by the
collapse in the oil price a year ago when oil prices went below $10 a barrel.
This has had inevitable consequences for Ashtead Technology where we face the
prospect of several more months of low demand before such projects are re-
activated. This Division has produced admirable results for shareholders for
many years but it is inevitable that profits this year will be lower than
last. Taking the medium term view, the effect of this hiatus is likely to be
beneficial for your Group as it is our intention to use this time to
consolidate our existing world leadership. There have already been mergers
amongst our competitors and we expect this process to continue. By the autumn
of this year, we would expect a return to previously established activity
levels.
Financial
Your Group continues to generate significant cash. In this 6 month period we
set a new Group record with net cash inflow exceeding £50 million for the
first time. Cash flow was up by 13% to £54.3m (£47.9m) despite an increase in
the charge for bad debts of £1.6m in the period, largely in response to a
sharp increase in the rate of business failures in the UK.
We invested £67.9m (£60.3m) in new plant during the 6 months. This was mostly
to equip new Profit Centres and also augment the fleet of the under-invested
41 UK Plant Profit Centres acquired at the end of the last financial year.
With investment in new equipment of £495m over the last 4.5 years
representing 85% of the total, our fleet remains the youngest and most
competitive in the industry. As planned, gearing was virtually unchanged
compared with a year ago at 61% (60%) with interest cover at a healthy 6.2x.
Because our fleet is so modern, the requirement to retire machines remains
relatively low. Assets with an original cost of £22.8m (£14.5m) were disposed
of during the period realising proceeds of £12.1m (£6.8m) and producing a
profit of £2.8m (£1m). In each of our 24 accounting statements since your
Group became a public company in December 1986, a worthwhile profit on
disposal has been reported.
In the course of our strategic review we carried out an exhaustive study of
our itemised fleet which, together with our consistent annual gain on
disposal, prompted the change under Financial Reporting Standard 'FRS15'.
Following this change we still expect to make profit on the sale of our assets
in the future.
Operational Review
A-Plant
'For illustrative
purposes only'
6 months to 6 months to 6 months to
31 October 31 October 31 October
1999 1998 1998
Turnover £m 94.4 84.8 84.8
EBITDA £m 39.3 35.4 35.4
Margin % 41.6 41.7 41.7
Depreciation £m 21.7 19.8 18.6
% of turnover 23.0 23.3 21.9
Operating profit £m 17.6 15.6 16.8
Margin % 18.6 18.4 19.8
Investment in hire
equipment £m 31.9 33.6 33.6
Net assets employed £m 239.7 187.5 188.5
Employees at period end 2,602 2,488 2,488
Profit Centres at period
end 261 232 232
Turnover and EBITDA both increased by 11% with a slight reduction in
expenditure on the fleet following an investment of over £187m in the last 30
months.
Sunbelt
'For illustrative
purposes only'
6 months to 6 months to 6 months to
31 October 31 October 31 October
1999 1998 1998
Turnover £m 53.6 39.0 39.0
EBITDA £m 23.8 17.4 17.4
Margin % 44.3 44.6 44.6
Depreciation £m 11.3 9.6 8.5
% of turnover 21.1 24.6 21.8
Operating profit £m 12.5 7.8 8.9
Margin % 23.3 20.0 22.8
Investment in hire
equipment £m 34.5 24.4 24.4
Net assets employed £m 126.6 79.4 80.3
Employees at period end 1,119 811 811
Profit Centres at period
end 77 55 55
In a little over 2.5 years the number of Sunbelt Profit Centres in the
Eastern United States has increased from 24 to 77. This is the equivalent of
opening a new Profit Centre every 18 days.
The 37% increases in both turnover and EBITDA reflect strong organic growth in
the US. We are now beginning to enjoy the benefits of scale and the near
£150million invested in new equipment in the last 30 months.
Ashtead Technology
'For illustrative
purposes only'
6 months to 6 months to 6 months to
31 October 31 October 31 October
1999 1998 1998
Turnover £m 4.4 5.1 5.1
EBITDA £m 2.7 3.7 3.7
Margin % 62.7 72.5 72.5
Depreciation £m 1.1 1.3 1.1
% of turnover 25.0 25.5 21.6
Operating profit £m 1.6 2.4 2.6
Margin % 37.0 47.1 51.0
Investment in hire
equipment £m 1.5 2.2 2.2
Net assets employed £m 7.3 8.1 8.1
Employees at period end 39 36 36
Profit Centres at period
end 3 3 3
The results are creditable in the context of a difficult marketplace. This
trend is likely to be continued for the remainder of our current year but we
expect to benefit from our market leadership when planned new projects come on
stream later in 2000.
Ashtead People
Your Group now employs 3,763 people (3,338). In the period they earned profit
share of £2.5m (£2.1m). Despite the trials of this comparatively difficult
trading period, your staff have done what they do best. That is, they have
created wealth for themselves and shareholders in our unique culture which
seeks to make common the interests of both the shareholders and employees.
Their efforts in pursuit of the common good are much appreciated.
Current and Future Trading
With the strategic review completed, your strengthened management team is
totally focused on the further development of our proven business model.
In the UK, having pruned the Profit Centre network of superfluous locations,
we will use our strong cash flow to resume our programme of openings, bolt-on
acquisitions, product additions and new marketing initiatives. In the medium
term, our view remains that some 450 Profit Centres in the UK - with an
appropriate mix of general and specialist outlets - will provide A-Plant with
full national coverage. At present the numbers are 187 general and 74
specialist. Short term, the second half of this year will suffer from the
one-off effects of the millennium. No one in the equipment rental industry
can escape the fact that several billing days have been lost in the
December/January period due to the extended holiday that the nation chose or
was encouraged to take. This apart, with our strategic review settled, we
expect to be a virile and aggressive industry participant so far as our
competitors are concerned.
In the United States we will continue our strong organic growth in our chosen
geographic area with appropriate and well valued acquisitions supplementing a
quickened opening programme. In the much changed circumstances of this
marketplace, there is now the clear opportunity for Sunbelt to use its
operational superiority to outperform its largely stalled competitor base.
Sunbelt's immediate goal is to move from third to market leadership in the
Eastern States - a region almost twice the size of the UK. In the short term
we may not become the biggest in America but we are determined to be the best
in terms of quality of customer base, modern and varied equipment and
operational margins.
Achieving acceptable results at Ashtead Technology will remain challenging
until the marketplace upon which it is dependent begins to recover. This is
unlikely to be in the current financial year, but a restoration of normal
performance levels is anticipated next year.
The second half has begun with Group revenues up over 20% in the quarter ended
January 2000 compared with the same period last year. Your Board expects to
achieve a satisfactory outcome for the year as a whole in markets that remain
full of opportunity.
Consolidated Profit and Loss Account
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
Notes £m £m £m
Turnover 4 152.4 128.9 256.0
Trading profit 65.8 56.5 114.4
Depreciation 2 34.1 30.7 63.9
Operating profit 4 31.7 25.8 50.5
Interest 5.1 3.5 7.7
Profit on ordinary
activities before taxation 26.6 22.3 42.8
Taxation 2 3.7 4.0 5.2
Profit attributable to
shareholders of Ashtead
Group plc 22.9 18.3 37.6
Dividend 3 1.8 1.5 8.6
Retained profits to
reserves 21.1 16.8 29.0
Earnings per share 5 7.09p 6.03p 12.30p
Fully diluted earnings per
share 5 7.00p 5.90p 12.10p
Dividend per share 3 0.560p 0.483p 2.70p
Statement of total recognised gains and losses
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
£m £m £m
Profit attributable to
shareholders 22.9 18.3 37.6
Foreign currency translation
differences (1.4) 0.5 0.6
Total recognised gains and losses
for the year 21.5 18.8 38.2
Reconciliation of movement in Shareholders' funds
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
£m £m £m
Profit for the period 22.9 18.3 37.6
Dividends (1.8) (1.5) (8.6)
21.1 16.8 29.0
Share capital issued - 0.3 30.8
Foreign currency translation
differences (1.4) 0.5 0.6
Net addition to Shareholders' 19.7 17.6 60.4
funds
Opening Shareholders' funds 214.2 153.8 153.8
Closing Shareholders' funds 233.9 171.4 214.2
Consolidated Balance Sheet
at 31 October 1999
Unaudited Audited
At At At
31 October 31 October 30 April
1999 1998 1999
Notes £m £m £m
Intangible assets -
Goodwill 2.9 0.7 2.9
Fixed assets:
Tangible fixed assets
- plant for hire 2 408.8 313.4 382.4
- other fixed assets 56.0 51.7 55.5
467.7 365.8 440.8
Current assets:
Stocks 8.4 5.6 7.0
Debtors 76.8 60.4 70.3
Liquid resources 15.2 - 15.5
Cash at bank and in hand 0.2 3.7 10.1
100.6 69.7 102.9
Creditors - amounts falling
due within
one year:
Borrowings 43.9 46.5 38.7
Other creditors 172.1 152.9 170.6
Net current liabilities (115.4) (129.7) (106.4)
Total assets less current
liabilities 352.3 236.1 334.4
Creditors - amounts falling
due after more than one
year:
Borrowings (111.2) (60.7) (113.0)
Deferred taxation (7.2) (4.0) (7.2)
233.9 171.4 214.2
Capital and reserves:
Called up share capital 5 32.3 30.4 32.3
Share premium account 99.7 71.1 99.7
Revaluation reserve 0.5 0.5 0.5
Other reserves (17.3) (17.3) (17.3)
Profit and loss account 118.7 86.7 99.0
Total capital and reserves 233.9 171.4 214.2
Consolidated cash flow statement
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
Notes £m £m £m
Net cash inflow from
operating activities 1 54.3 47.9 93.3
Returns on investments and
servicing of finance
Interest paid (4.9) (3.4) (7.3)
Taxation (0.7) (0.7) (5.9)
Capital expenditure and
financial investment
Purchase of tangible fixed
assets (68.4) (68.2) (140.2)
Sale of tangible fixed
assets 11.6 6.3 13.7
(56.8) (61.9) (126.5)
Acquisitions and disposals (0.3) (2.8) (4.3)
Equity dividends paid (7.2) (5.7) (7.2)
Cash outflow before use of
liquid resources (15.6) (26.6) (57.9)
Management of liquid
resources - - (15.5)
Financing
Issue of ordinary shares - 0.3 13.3
Increase of unsecured
loans - - 56.9
Redemption of loans - (6.4) (0.4)
Principal payment under
hire purchase agreements (2.1) (0.9) (1.7)
(2.1) (7.0) 68.1
Decrease in net cash (17.7) (33.6) (5.3)
Reconciliation of net cash flow to movement in net debt
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
£m £m £m
Decrease in cash (17.7) (33.6) (5.3)
Cash inflow from
decrease/(increase) in debt and
hire purchase finance 2.1 7.5 (54.8)
Cash outflow from increase in
liquid resources - - 15.5
Change in net debt resulting from
cash flows (15.6) (26.1) (44.6)
Loans and hire purchase
liabilities acquired with
acquisition - - (1.4)
Translation differences 2.0 0.1 (2.7)
Movements in net debt (13.6) (26.0) (48.7)
Opening net debt (126.1) (77.4) (77.4)
Closing net debt (139.7) (103.4) (126.1)
Note 1 to the consolidated cash flow statement
for the 6 months ended 31 October 1999
Unaudited Audited
6 months to 6 months to Year to
31 October 31 October 30 April
1999 1998 1999
£m £m £m
Net cash flow from operating
activities
Operating profit 31.7 25.8 50.5
Depreciation of tangible fixed
assets 34.1 30.7 63.9
Gain on sale of tangible fixed
assets (2.8) (1.0) (3.9)
Increase in stocks (1.5) (1.7) (3.1)
Increase in trade debtors (6.5) (6.2) (15.3)
Increase/(decrease) in trade
creditors (0.7) 0.3 1.2
Net cash inflow from operating
activities 54.3 47.9 93.3
Notes to the unaudited interim report
for the 6 months ended 31 October 1999
1. The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies
Act 1985. The financial information for the full preceding year is based
on the statutory accounts for the financial year ended 30 April 1999.
Those accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
2. The interim financial information has been prepared on the basis of
accounting policies set out in the Group's 1998/99 statutory accounts to
which no changes have been made.
While no changes have been made to accounting policies, the Directors have
considered carefully the analytical exercise undertaken during the review
of the Group's strategic options referred to in the Chairman's Statement.
As a consequence, changes have been made to introduce estimated residual
values, so as to reflect estimated residual values that are representative
of the Group's experience in realising value from itemised hire plant
assets at the end of their useful economic lives.
These changes to anticipated residual values have been adopted in
accordance with FRS15 on a prospective basis and have given rise to a
financial effect on depreciation of £3.9 million less than the charge
would have been had the estimated residual values not been introduced. If
the estimated residual values had been adopted in the 1999 financial year,
then the depreciation charge would have been reduced (and the pre tax
profit would have been increased) by some £2.5 million for the 6 months
ended 31 October 1998, and by some £5.1 million for the year ended 30
April 1999.
The taxation charge is calculated by applying the Directors' best estimate
of the annual tax rate to the profit for the period.
3. The Directors have declared an interim dividend of 0.56p net per share
which will be paid on 6 April 2000 to shareholders on the register on 3
March 2000.
4. Segmental analysis:
Turnover Operating Profit Net assets
1999 1998 1999 1998 1999 1998
£m £m £m £m £m £m
Division
UK plant hire 94.4 84.8 17.6 15.7 239.7 187.4
Ashtead Technology 4.4 5.1 1.6 2.3 7.3 8.0
US plant hire 53.6 39.0 12.5 7.8 126.6 79.4
Central items
(funding related) - - - - (139.7) (103.4)
152.4 128.9 31.7 25.8 233.9 171.4
5. Basic earnings per share figures set out above have been calculated based
on the profit attributable to the Shareholders of Ashtead Group plc and on
322,983,659 Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the period (303,087,414 during the period to 31
October 1998 and 306,270,950 during the year to 30 April 1999).
Fully diluted earnings per share set out above have been calculated based
on the profit attributable to Shareholders of Ashtead Group plc and on
327,380,727 Ordinary Shares (309,773,152 during the period to 31 October
1998 and 312,028,795 during the year to 30 April 1999) being the weighted
average number of ordinary shares in issue during the period adjusted in
accordance with FRS 14 for the dilutive effect of options granted but not
exercised.
6. Copies of this interim statement are being posted to all shareholders.
Copies are available on request from the registered office of the Group at
Ashtead House, Business Park 8, Barnett Wood Lane, Leatherhead, Surrey,
KT22 7DG.
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