‘Record’ year for Sunbelt

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.