Adoption of IFRS

Ashtead Group PLC
20 September 2005


                               ASHTEAD GROUP PLC

                 ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS

Concurrently with the release today of its first quarter results for the three
months ended 31 July 2005 which are the first results to be released under
International Accounting Standards ('IAS'), Ashtead is also making available
details of the accounting policies it intends applying in its IAS accounts for
the year ending 30 April 2006 together with details of:

• a summary of the main differences applicable to Ashtead between UK GAAP and 
  IAS
• the restated income statement, balance sheet and cash flow statement under 
  IAS for the year ended 30 April 2005
• full reconciliations of the IAS financial information to the comparable 
  information previously published under UK GAAP. These reconciliations cover 
  income statement information for the quarter ended 31 July 2004, the six 
  months ended 31 October 2004, the nine months ended 31 January 2005 and the 
  year ended 30 April 2005 and balance sheet information as at 31 July 2004, 31 
  October 2004, 31 January 2005 and 30 April 2005 and the opening balance sheet 
  at 30 April 2004.

The restated financial information under IAS is available for download on its 
website at www.ashtead-group.com.

The impact of the move to IAS is unchanged from that published in the 
preliminary results release for the year ended 30 April 2005 issued on 7 July 
2005 and also included in the Operating and Financial Review on pages 47 and 48 
of the annual report and accounts for that year which has been mailed to 
shareholders and filed with the Registrar of Companies. In summary the effects 
of the change are as follows:

                                               Profit   Net assets at 30 April
                                          for year to   ----------------------
                                        30 April 2005        2005         2004
                                        -------------      ------       ------
                                                   £m          £m           £m

Profit before tax/net assets under UK GAAP       16.4       126.9        131.8
Goodwill                                          8.9         8.9            -
                                               ------      ------       ------
Profit before tax & goodwill amortisation/
net assets under UK GAAP                         25.3       135.8        131.8
Additional non-cash convertible loan note        (3.0)      (13.4)       (10.4)
interest
Equity element of convertible loan note             -        24.3         24.3
Pensions                                         (0.2)      (16.5)       (12.6)
Share based payments                             (0.4)       (0.1)           -
Restate $100m interest rate swap to fair value    0.7         0.6         (0.1)
Revaluation of Sunbelt goodwill to current
exchange rates                                      -       (24.7)       (16.7)
Deferred taxation                                   -         3.9          4.2
                                               ------      ------       ------
Profit before tax/net assets under IAS           22.4       109.9        120.5
                                               ======      ======       ======

Contacts:

Cob Stenham      Non-executive chairman                  020 7299 5562
George Burnett   Chief executive                   )
Ian Robson       Finance director                  )     01372 362300

Brian Hudspith   The Maitland Consultancy                020 7379 5151
                                                                         


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