September 3, 2014 / 6:16 AM / 3 years ago

Ashtead raises full-year guidance after profits soar

LONDON, Sept 3 (Reuters) - British industrial equipment hire group Ashtead raised its full-year guidance after it posted a 33 percent rise in first-quarter pretax profits on strong demand from the United States and Britain.

Chief Executive Geoff Drabble said he now anticipated the company’s full year results would be ahead of previous expectations and increased its plans for capital expenditure to a range of 825 million pounds to 875 million pounds.

The company, which rents everything from small tools to large diggers and water pumps, said pretax profits rose to 120 million pounds ($197.54 million) for the period ending July. 31, compared to 99.5 million for the same period a year earlier. ($1 = 0.6075 British Pounds) (Reporting by Li-mei Hoang; editing by Kate Holton)

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