April 27, 2020 / 6:39 AM / a month ago

Ashtead warns on profit, takes out $500 mln in debt as lockdown dents demand

April 27 (Reuters) - Equipment rental firm Ashtead warned on Monday that its annual profit would come in lower than last year and said it had taken out an extra $500 million in debt, as the company faces a slump in rentals due to the coronavirus-led shutdowns.

The company, which rents out diggers, construction tools and other equipment, said it expects its underlying profit before tax, for the year through April 30, to be about 1.05 billion pounds ($1.31 billion).

Last year, the company reported here a profit of 1.11 billion pounds.

$1 = 0.8035 pounds Reporting by Pushkala Aripaka in Bengaluru, Editing by Sherry Jacob-Phillips

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