Trading Update

Ashtead Group PLC
28 March 2002


                     ASHTEAD GROUP PLC - TRADING UPDATE

On 15 January the board announced half year adjusted pre-tax profits (profits
before taxation, exceptional items and goodwill amortisation) of £25.8m and a
maintained interim dividend. Since then the Group has continued to experience
the effects of the slow down in economic activity highlighted in the interim
statement. In view of this the Board now expects to report a broadly breakeven
adjusted pre-tax result for the seasonally weaker second half of the Group's
financial year.

Sunbelt is continuing to outperform its competitors with growth rates exceeding
those reported by all the other major US rental companies. Same store revenue
growth has, as expected, continued to decline in the face of the weak US
economic activity seen since October and now shows an increase of 5% for the ten
months to end February. A-Plant's same store revenues declined 3% in the same
period whilst Ashtead Technology grew 21%. Total revenue growth for the Group
for the ten months to February was 7% (and 3% on a pro forma basis assuming the
BET businesses acquired on 1 June 2000 had been owned throughout both financial
years).

The Group continues to generate significant cash flow. Headroom under the
secured, committed bank and other facilities which was £55.7m at the half year
has continued to increase subsequently as debt is repaid from ongoing cash
generation. The Group remains in full compliance with all the required
financial performance conditions under its secured, committed facility.

The Board decided a month ago to enter into discussions with the three lead
banks in its secured, committed bank facility to amend the covenant package to
provide greater financial flexibility in the future. These discussions are well
advanced and the Board expects to issue shortly a proposal supported by the
three lead banks to the full banking syndicate for the necessary approval.

The Board has not yet decided on a recommendation for the final dividend and
will only do so when the full year results are available. However, it is worth
noting that half year pre-exceptional earnings covered the cost of the previous
year's total dividend 2.4 times.


Prospects

While the slowdown in trading activity in the UK and the US has affected the
current year's results, the Board remains confident that the ongoing shift from
ownership to rental in the US will be of considerable benefit to the Group. The
Group is therefore well placed to take advantage of any upturn in both the UK 
and US economics. The Group's strong cash flow and projected profitability will
support the Board's strategy of continued debt reduction whilst maintaining
dividend and interest cover.

                                                            28 March 2002

Contacts:      George Burnett      Chief Executive    )     01372 362300
               Ian Robson          Finance Director   )
               Andrew Grant        Tulchan Communications ) 0207 353 4200
               Nigel Fairbrass                            )



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