‘Record’ year for Sunbelt

By Lindsey Anderson14 June 2022

Ashtead Group, parent company of Sunbelt Rentals, has reported record results for its 2022 full year. Group revenues were up 19 percent at $7.96 billion year-over-year and rental revenues of $7.235 billion were 22 percent higher than the Group’s 2021 results.

(Photo: Sunbelt Rentals)

Of that $7.235 billion total rental revenue, Sunbelt’s U.S. business pulled in $6.477 billion; a 22 percent leap over last year’s results. Canada saw rental revenues of $439.11 million and the UK brought in $652.3 million.

Sunbelt also added 123 locations across North America for the full year, 88 of which were greenfields alongside an additional 35 bolt-ons. Of the 88 greenfields, 72 were geared toward specialty rental. The Group invested $1.3 billion into 25 of its acquired locations compared to 2021 when it spent $172 million for similar activities.

“This significant investment is enabling us to take advantage of the substantial structural growth opportunity that we see for the business as we deliver our strategic priorities to grow general tool and amplify specialty,” said Brendan Horgan, Ashtead’s CEO. “We performed strongly across all geographies with rental revenue up 22 percent at constant currency (23 percent when compared with 2019/20). This market outperformance across the business is only possible through the dedication of our team members who deliver for all our stakeholders every day, while ensuring our leading value of safety remains at the forefront of all we do.”

Our business has demonstrated its ability over the last two years to perform in both good times and more challenging ones. The new financial year has started well and the business has clear momentum. We are well positioned to navigate the challenges and capitalize on the opportunities arising from the market circumstances we face, including supply chain constraints, inflation, labor scarcity and economic uncertainty, all factors which we believe to be drivers of ongoing structural change. The Board looks to the future with confidence.”

Overall, Group adjusted operating profits increased to $2.05 billion, up 30 percent.

Additional details will be added to this story after Ashtead Group hosts its investors call.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
Guide: SAIA Annual Convention & Exposition
The SAIA is set to educate – and celebrate – at its Annual Convention & Exposition, August 21-25 in Boston. SA provides a guide
ALH Conference: access and rental in 2023
From technology’s impact on rental operations to market updates and more, this year’s ALH Conference is poised to be the strongest ever
StepUp to bring Nordic decks to N.A.
StepUp participated with Nordic Platform’s development of composite decks and accessories over 12 years in Europe and believes North America is ready for their ESG and practical benefits
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

CONNECT WITH THE TEAM
Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com
CONNECT WITH SOCIAL MEDIA