- Revenue for the fourth quarter ended April 30 rose 7% year over year to $2.63 billion.
- This was a 2% drop from the third quarter, which saw a 9% increase.
Ashtead shares fell after revealing a slowdown in revenue growth in the fourth quarter, despite posting record revenue for the year.
The London-listed construction equipment rental company said revenue for the fourth quarter ended April 30 rose 7 percent year-on-year to $2.63 billion (about £2.22 billion).
But this was a 2 per cent drop from the 9 per cent revenue growth the group experienced in the third quarter.
The London-listed construction equipment rental company said revenue for the fourth quarter ended April 30 rose 7 percent year-on-year to $2.63 billion (about £2.22 billion).
Ashtead Group Shares They were down 3.88 per cent at 5,296 pence in Tuesday morning trading.
Despite the slowdown, the company posted revenue for the year, up 12 percent to $10.86 billion.
The company was boosted by revenue in the United States, its largest market, which saw a 13 percent increase to $9.31 billion.
The revenue growth means earnings before interest, taxes, depreciation and amortization rose 11 percent to $4.89 million.
The company also initiated a final dividend of 89.25 cents, bringing the total amount for the year to 105 cents, up 5 percent from the previous year.
The news follows reports this month suggesting that Ashtead is considering a move to the New York Stock Exchange in a possible new blow to the city.
Ashtead’s departure would be another blow to London after the loss of companies such as Cambridge-based Arm Holdings to the United States.
Brendan Horgan, CEO of Ashtead, said: “During the year, we invested $4.3 billion of capital in existing and new locations and $905 million in 26 bolt-on acquisitions, for a combined total of 113 locations in North America.
“This investment allows us to take advantage of the significant structural growth opportunities we see for the business, while maintaining a strong and flexible balance sheet.”
