Ashtead Group has posted a 5% drop in its full-year pre-tax profit to $2bn, while its revenue also dipped by 1% to $10.79bn.

The industrial rental company, which is listed on the FTSE 100, did however report record full year rental revenue and adjusted EBITDA, with growth in each of 4% and 3%, respectively.

Ashtead, reporting its figures for the year to 30 April, was announcing its final results before the company moves its primary market listing from London to New York and changes its name to Sunbelt.

The group said it had demonstrated the “through-cycle, cash generative power” of its business, having delivered a free cash flow of $1.8bn for the year. Combined with sustained levels of profitability, this enabled Ashtead to invest $2.4bn of capital in its growth runway, alongside its highest ever level of shareholder returns totalling $886m across dividends and share buybacks.

“We continue to take advantage of strong secular tailwinds and structural progression, within our $87bn and growing industry,” said Ashtead’s chief executive, Brendan Horgan.

“The strength of our foundation and growth strategy is reflected in our results and guidance today. I am excited for FY26 and what lies ahead as we continue to advance our great company.”

Horgan also confirmed that Ashtead remains on track to move its primary listing to the US in the “first quarter of calendar year 2026”.

“The company is on track to complete its switch to the US in the first quarter of 2026 where it will hope to be rewarded with a more generous valuation,” added investment director at AJ Bell, Russ Mould.

“The backdrop may prove an obstacle to this aspiration with the company’s conservative guidance reflecting a tricky US commercial construction market which is being affected by supply chain challenges and continuing high interest rates.

“With its North American operations accounting for the lion’s share of revenue and a move across the Atlantic imminent, the spotlight may fall on the position of the UK operations within the group. These could be sold off to generate capital to invest in boosting its footprint in the US and Canada.”

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