Ashtead raises full year profit target on US, UK demand

LONDON, March 4 Tue Mar 4, 2014 2:13am EST

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LONDON, March 4 (Reuters) - British industrial equipment hire group Ashtead raised its full year profit expectation on Tuesday after strong demand in the United States and Britain helped drive its profits 54 percent higher in the third quarter.

Ashtead, which makes 85 percent of its revenue from U.S. division Sunbelt, posted a pre-tax profit for the third quarter ending Jan. 31 of 80.4 million pounds, up from 53.5 million pounds a year earlier.