Ashtead Group PLC (LSE:AHT)
£ 59.62 0.38 (0.64%) Market Cap: 26.02 Bil Enterprise Value: 34.91 Bil PE Ratio: 20.16 PB Ratio: 4.77 GF Score: 93/100
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Q3 2019 Ashtead Group PLC Earnings Call Transcript

Mar 05, 2019 / 08:00AM GMT
Release Date Price: £20.37 (-1.40%)
Operator

Hello, and welcome to the Ashtead Group plc results for the third quarter. (Operator Instructions) And just to remind you, this is being recorded.

So today, I'm pleased to present Geoff Drabble, CEO; Brendan Horgan, COO and CEO Designate; and Michael Pratt, CFO. Geoff, please begin.

Geoffrey Drabble
Ashtead Group plc - CEO & Director

Thanks, Hugh, and good morning, everybody, and welcome to the Ashtead Group Q3 results call. Today's call will follow the usual shorter format, albeit with our new dynamic team. So a review of the financials by Michael will be followed by an operational update from Brendan, and then we'll move on to Q&A. So before I hand over to them, let me just cover a few highlights summarized on Page 3 and generally try to set the scene.

It's clearly been yet another strong quarter with rental revenue up 18% year-on-year. Again, the primary driver of growth remains organic investment, but we've supplemented this with GBP 491 million spent on bolt-on acquisitions. And we've added 112 locations in the year-to-date as

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