Interim Results - Part 1

Ashtead Group PLC
22 January 2001



Part 1
                              ASHTEAD GROUP PLC

           Interim Results for the 6 months ended 31 October 2000

                         A Period of Transformation

    BET  USA  acquisition fully integrated and providing  the  beginnings  of
     strong earnings growth

    EBITDA - up 63% to £107.3m (£65.8m)

    Operating  profit  before  BET integration  costs  -  up  54%  to  £48.8m
     (£31.7m)

    *Adjusted  profit before tax of £30.0m (£26.6m) or £26.7m  after  accrued
     interest amortisation on the convertible loan note

    Profit before tax measured in accordance with FRS 3 of £8.8m (£26.6m)

    Revenue increased by 81% to £276.6m (£152.4m)

   *Adjusted  earnings  per  share  of 8.5p  (7.1p)  or  7.6p  after  accrued
    interest  amortisation on the convertible loan note.  Basic earnings  per
    share under FRS14 of 2.2p (7.1p).

    Dividend - up 11% to 0.62p (0.56p)

    Cash inflow before integration costs of £77.4m (£54.3m)

    Net investment in rental fleet - up 144% to £117.2m (£48.0m)

    US  revenues now 62% of Group total with Sunbelt like for like revenue up
     24% measured at constant exchange rates

    UK   performance  held  back  by  investment  costs  and   the   fiercely
     competitive environment

*  Adjusted  profit  before  tax  comprises profit  before  tax  measured  in
accordance with FRS 3 adjusted to add back one-off BET integration  costs  of
£6.5m,  the underwriting fees of £8.3m incurred for the new bank facility  re
the  BET acquisition and the non-cash items of goodwill amortisation of £3.1m
and  accrued interest amortisation on the convertible loan of £3.3m, a  total
of  £21.2m.  Adjusted earnings per share comprises basic earnings  per  share
measured in accordance with FRS 14 adjusted for the after tax impact  of  the
same items.

Ashtead's Chairman, Peter Lewis, comments:

'Ashtead  has  now  established itself as a leader in the American  equipment
rental market.  The growth prospects in the US for our unique business  model
are  considerable.  In the UK, short term results have been held back by  our
investment  in  the  future and a very competitive trading environment  which
will  improve  as  industry  rationalisation gathers  pace.   Our  Technology
business  has bounced back with a 31% increase in operating profits  and  the
expectation of further growth.

These results are the first since we implemented our long held strategic goal
of  having  a major role in the fast changing American market.  Our  platform
acquisition  there  has  been integrated into our Sunbelt  operation  and  we
expect  this year of transformation to establish a sound basis for  sustained
future growth.'


                              ASHTEAD GROUP PLC

                            The period in summary
                         6 months to 31 October 2000

                              6        6
                            months   months
                              to       to      Increase/  Year to
                            31 Oct   31 Oct    (decrease)  April
                             2000     1999                 2000
By number £m                                        %
Turnover £m:  excluding BET  189.1    152.4         24
Profit Centres
     :  BET Profit Centres   87.5     -             -
     :  Total                276.6    152.4         81     302.4
EBITDA**                     107.3    65.8          63     127.3
Depreciation                 58.5     34.1          72     67.9
Operating profit before
goodwill amortisation        48.8     31.7          54     59.4
   and BET integration
costs
Adjusted profit before tax*  30.0     26.6          13     48.5
Adjusted profit before tax
after accrued interest       26.7     26.6          -      48.5
amortisation on convertible
loan
Profit before tax measured   8.8      26.6         (67)    48.1
under FRS3
Net investment in hire       117.2    45.0         160     95.0
equipment
Net cash inflow from         77.4     54.3          43     114.4
operations
Profit share earned by       4.2      2.5           68     5.9
staff

By share p
Adjusted earnings per        8.5      7.1           20     13.5
share*
Adjusted earnings per share  7.6      7.1           7      13.5
after accrued interest
amortisation on convertible
loan
Basic earnings per share     2.2      7.1          (69)    13.5
measured under FRS14
Dividends per share          0.62     0.56          11     3.16

By margin %
EBITDA**                     38.8     43.2          -      42.1
Operating profit             17.6     20.8          -      19.6
Pre-tax profit margins -     10.8     17.5          -      16.0
adjusted pre-amortisation
Gearing                      230      60            -      78
Return on capital employed+  19.6     18.9                 17.3

By people
Employees at period end      6,140    3,763         63     3,930

By location
Profit Centres at period     428      341           26     352
end


*   Adjusted  profit  before  tax comprises profit  before  tax  measured  in
  accordance  with  FRS 3 adjusted to add back one-off BET integration  costs
  of  £6.5m,  the  underwriting  fees of £8.3m  incurred  for  the  new  bank
  facility  re  the  BET  acquisition and  the  non-cash  items  of  goodwill
  amortisation of £3.1m and accrued interest amortisation on the  convertible
  loan  of  £3.3m, a total of £21.2m.  Adjusted earnings per share  comprises
  basic  earnings per share measured in accordance with FRS 14  adjusted  for
  the after tax impact of the same items.
**   Earnings before interest, tax, depreciation and amortisation
+  Return on capital employed has been calculated as the annualised operating
  profit  divided by the average of opening and closing shareholders'  equity
  plus long-term debt.

                           Important Future Dates

Payment of interim dividend                                 6 April 2001
Preliminary announcement of full year results               9 July 2001
Annual General Meeting                                      8 October 2001
Payment of final dividend                                   10 October 2001



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