Interim Results - Part 3

Ashtead Group PLC
22 January 2001



Part 3

                                
                              ASHTEAD GROUP PLC

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2000


                                              Unaudited         Audited
                                               Six        Six
                                         months to  months to
                                                31         31   Year to
                                           October    October  30 April
                                              2000       1999      2000
                                                £m         £m        £m

Turnover                                     276.6      152.4     302.4
Operating costs                             (169.3)    (86.6)   (175.1)
Earnings before interest, tax,
depreciation and                             107.3       65.8     127.3
   amortisation (EBITDA)
Depreciation                                 (58.5)    (34.1)    (67.9)

Operating profit before goodwill              48.8       31.7      59.4
amortisation
BET integration costs                         (6.5)         -         -
Amortisation of goodwill                      (3.1)         -     (0.4)

Operating profit                              39.2       31.7      59.0
Interest payable and similar charges
(net):
- on bank and other borrowings               (18.8)     (5.1)    (10.9)
- accrued interest amortisation on            (3.3)         -         -
convertible loan
- underwriting fees for new banking
facility re BET USA                           (8.3)         -         -
  acquisition

Profit on ordinary activities before           8.8       26.6      48.1
taxation

Taxation on profit on ordinary                (1.8)     (3.7)     (4.9)
activities
Profit attributable to the shareholders
of Ashtead                                     7.0       22.9      43.2
   Group plc

Dividends                                     (2.0)     (1.8)    (10.2)

Retained profits transferred to                5.0       21.1      33.0
reserves

Basic earnings per share                      2.2p       7.1p     13.4p
Diluted earnings per share                    2.1p       7.0p     13.2p

All acquisitions made were immediately integrated into the Group's ongoing
operations.  No segregated post-acquisition results are therefore available.

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 31 OCTOBER 2000

                                         Unaudited        Audited
                                          Six       Six   Year to
                                    months to    months  30 April
                                           31     to 31      2000
                                      October   October
                                         2000      1999
                                           £m        £m        £m

Profit attributable to                    7.0      22.9      43.2
shareholders
Foreign currency translation              4.6     (1.4)     (0.8)
differences

Total recognised gains and losses        11.6      21.5      42.4
for the period


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE SIX MONTHS ENDED 31 OCTOBER 2000

                                         Unaudited        Audited
                                          Six       Six   Year to
                                    months to    months  30 April
                                           31     to 31      2000
                                      October   October
                                         2000      1999
                                           £m        £m        £m

Profit attributable to                    7.0      22.9      43.2
shareholders
Dividends                               (2.0)     (1.8)    (10.2)

                                          5.0      21.1      33.0
Share capital issued                      0.3         -         -
Foreign currency translation              4.6     (1.4)     (0.8)
differences

Net addition to shareholders'             9.9      19.7      32.2
funds
Opening shareholders' funds             246.4     214.2     214.2

Closing shareholders' funds             256.3     233.9     246.4

CONSOLIDATED BALANCE SHEET
AT 31 OCTOBER 2000
                                         Unaudited           Audited
                                   31 October  31 October   30 April
                                         2000        1999       2000
                                           £m          £m         £m
Fixed assets
Intangible assets
- goodwill                              140.5         2.9        9.9
Tangible assets
- plant for hire                        744.5       408.8      459.0
- other fixed assets                     72.2        56.0       62.5

                                        957.2       467.7      531.4
Current assets
Stocks                                   17.4         8.4       10.0
Debtors                                 137.9        76.8       80.1
Liquid resources                            -        15.2       15.0
Cash at bank and in hand                 10.2         0.2        0.1

                                        165.5       100.6      105.2
Creditors - amounts falling due
within one year
Loans and overdrafts                   (216.1)     (43.9)     (97.0)
Trade and other creditors              (253.2)    (172.1)    (170.7)

                                       (469.3)    (216.0)    (267.7)

Net current liabilities                (303.8)    (115.4)    (162.5)

Total assets less current               653.4       352.3      368.9
liabilities

Creditors - amounts falling due
after more than one year
Bank loans                             (258.2)    (111.2)    (109.4)
Convertible loan note                  (124.5)          -         -

Deferred taxation                       (14.4)      (7.2)     (13.1)

Total net assets                        256.3       233.9      246.4

Capital and reserves
Called up share capital                  32.3        32.3       32.3
Share premium account                   100.0        99.7       99.7
Revaluation reserve                       0.5         0.5        0.5
Profit and loss account                 123.5       101.4      113.9

Total capital and reserves              256.3       233.9      246.4
(equity interests)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2000

                                            Unaudited            Audited
                                      Six months  Six months     Year to
                                           to 31       to 31    30 April
                                         October     October        2000
                                            2000        1999
                                              £m          £m          £m

Net cash inflow from operating
activities
Cash inflow before integration costs        77.4        54.3       114.4
Integration costs re BET USA                (6.5)          -           -
                                            70.9        54.3       114.4
Returns on investments and servicing
of
finance
Interest paid (net)                        (15.2)      (4.9)      (10.3)
Underwriting fees paid for new bank
facility re BET acquisition                 (8.3)          -           -

Taxation paid                               (0.3)      (0.7)       (3.2)

Capital expenditure
Purchase of tangible fixed assets         (103.2)     (68.4)     (166.4)
Sale of tangible fixed assets               18.5        11.6        25.0
                                           (84.7)     (56.8)     (141.4)

Acquisitions and disposals                (213.1)      (0.3)      (11.3)

Equity dividends paid                       (8.4)      (7.2)       (8.9)

Net cash outflow before use of
liquid resources                          (259.1)     (15.6)      (60.7)

Management of liquid resources
Decrease/(increase) in liquid               15.0           -         0.3
resources

Financing
Issue of ordinary share capital              0.3           -           -
Increase in unsecured loans                    -           -        29.3
Drawdown/(redemption) of loans             287.3           -       (9.3)
Principal payment under hire
purchase
agreements                                     -       (2.1)       (2.3)
                                           287.6       (2.1)        17.7

Increase/(decrease) in cash                 43.5      (17.7)      (42.7)

NOTES TO THE INTERIM FINANCIAL STATEMENTS


1.    The abridged 2000 profit and loss account, balance sheet and cash  flow
statement are taken from the statutory accounts for the year ended  30  April
2000  which  have been filed with the Registrar of Companies.  The  auditor's
report  on  these  accounts was unqualified and did not contain  a  statement
under section 237 of the Companies Act 1985.

2.    The Directors have declared an interim dividend of 0.62p net per  share
which will be paid on 6 April 2001 to shareholders on the register on 2 March
2001.

3.    Earnings per share for the six months ended 31 October 2000  have  been
calculated  based on the profit attributable to the shareholders  of  Ashtead
Group  plc  and  on  323,172,959 ordinary shares, being the weighted  average
number  of ordinary shares in issue during the period (6 months to 31 October
1999 - 322,983,659 shares, year to 30 April 2000 - 322,987,960 shares).

Diluted earnings per share for the six months ended 31 October 2000 have been
calculated  based on the profit attributable to the shareholders  of  Ashtead
Group  plc  and  on  325,848,045 Ordinary Shares, being the weighted  average
number of Ordinary Shares in issue during the period in each case adjusted as
required  to  reflect the conversion of the convertible loan  stock  and  the
issue of shares under the Group's option schemes (6 months to 31 October 1999
- 327,380,727 shares, year to 30 April 2000 - 327,040,607 shares).

4.   Segmental analysis

                                Operating profit
                                 before goodwill
                  Turnover        amortisation       Net assets
                  2000    1999     2000      1999     2000    1999
                    £m      £m       £m        £m       £m      £m

Sunbelt          171.5    53.6     32.5      12.5    549.0   126.6
Rentals
A-Plant           99.5    94.4     14.2      17.6    283.4   239.7
Ashtead
Technology         5.6     4.4      2.1       1.6     12.5     7.3
Central items
(funding
related)             -       -        -         -   (588.6) (139.7)
                                                                
                 276.6   152.4     48.8      31.7    256.3   233.9

5.    The  interim  results information has been prepared  on  the  basis  of
accounting  policies set out in the Group's 1999/2000 statutory  accounts  to
which no changes have been made.

6.   The effective rate of tax assumed for the six months is 20% (6 months to
31  October  1999  - 14%, year to 30 April 2000 - 10%) and is  calculated  by
applying the Director's present best estimate of the annual tax rate  to  the
profit  before  tax  for the period.  The full year tax charge  is  currently
expected to almost entirely comprise a deferred tax charge.

7.   Notes to the cash flow statement

(a) Reconciliation to net debt

                                           Unaudited          Audited
                                      Six months       Six    Year to
                                           to 31    months   30 April
                                         October     to 31       2000
                                            2000   October
                                                      1999
                                              £m        £m         £m

(Increase)/decrease in cash in the        (43.5)      17.7       42.7
period
Increase/(decrease) in debt and
hire purchase finance                      287.3     (2.1)       17.7
Decrease in liquid resources                15.0         -        0.3
Change in net bank debt from cash          258.8      15.6       60.7
flows
Translation difference                      14.0     (2.0)        4.5
Movements in net bank debt in the          272.8      13.6       65.2
period
Net bank debt at 1 May                     191.3     126.1      126.1

Net bank debt at 31 October                464.1     139.7      191.3
Non cash movement re convertible           124.5         -          -
loan

Net debt at 31 October                     588.6     139.7      191.3


(b) Cash flow from operating activities

                                           Unaudited          Audited
                                      Six months       Six    Year to
                                           to 31    months   30 April
                                         October     to 31       2000
                                            2000   October
                                                      1999
                                              £m        £m         £m

Operating profit before integration
costs and goodwill amortisation             48.8      31.7       59.0
Depreciation of tangible fixed              58.5      34.1       67.9
assets
Gain on sale of tangible fixed              (2.5)    (2.8)      (6.0)
assets
Decrease/(increase) in stocks                0.6     (1.5)      (2.6)
(Increase) in trade debtors                (25.6)    (6.5)      (9.0)
(Decrease)/increase in trade                (2.4)    (0.7)        4.7
creditors

Net cash inflow from operating              77.4      54.3      114.4
activities


8.   Goodwill

The estimated goodwill arising on the acquisitions completed in the period
has been computed as follows:
                                  BET USA      Other     Total
                                       £m         £m        £m
Assets acquired at
estimated fair value:

Fixed assets                        185.0       (0.9)    184.1
Stocks                                7.9        0.1       8.0
Debtors                              32.4          -      32.4
Creditors                           (28.7)         -     (28.7)
                                    196.6       (0.8)    195.8
Consideration (including
costs):
Cash paid                           204.0        4.2     208.2
Convertible loan stock
issued at fair market value         121.3          -     121.3
at date of issue
                                    325.3        4.2     329.5

Goodwill arising                    128.7        5.0     133.7

Estimates have been used in determining the fair value of assets acquired.
The fair market value of the convertible loan stock at its date of issue was
determined by Schroder Salomon Smith Barney.

The movement in goodwill in the period is as follows:

                                        Cost  Amortisation      Net
                                          £m            £m       £m

At 30 April 2000                        10.3         (0.4)      9.9
Arising on acquisitions in the         133.7             -    133.7
period
Amortisation charged in the period         -         (3.1)    (3.1)

At 31 October 2000                     144.0         (3.5)    140.5


9.     Copies of this interim statement are being posted to all shareholders.
Copies  are available on request from the Company Secretary at the Registered
Office  of  the Group at Ashtead House, Business Park 8, Barnett  Wood  Lane,
Leatherhead, Surrey KT22 7DG.

INDEPENDENT REVIEW REPORT TO ASHTEAD GROUP PLC


Introduction

We have been instructed by the Company to review the financial information on
pages 9 to 15 and we have read the other information contained in the interim
report  for any apparent misstatements or material inconsistencies  with  the
financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the  responsibility of, and has been approved by, the directors.  The Listing
Rules  of  the  Financial  Services Authority  require  that  the  accounting
policies and presentation applied to the interim figures should be consistent
with  those  applied in preparing the preceding annual accounts except  where
any changes, and the reasons for them, are disclosed.

Review work performed

We  conducted  our review in accordance with guidance contained  in  Bulletin
1999/4 issued by the Auditing Practices Board.  A review consists principally
of making enquiries of group management and applying analytical procedures to
the  financial information and underlying financial data and, based  thereon,
assessing  whether  the  accounting  policies  and  presentation  have   been
consistently  applied  unless otherwise disclosed.  A review  excludes  audit
procedures  such as tests of controls and verification of assets, liabilities
and  transactions. It is substantially less in scope than an audit  performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance  than an audit.  Accordingly we do not express an audit opinion  on
the financial information.

Review conclusion

On  the  basis  of our review we are not aware of any material  modifications
that  should  be made to the financial information as presented for  the  six
months ended 31 October 2000.

PricewaterhouseCoopers
Chartered Accountants and
Registered Auditors
1 Embankment Place
London