CHARLOTTE, NC – December 15, 2006 – Sunbelt Rentals reported strong results in the six month period ending October 31, 2006 with revenues increasing by 46.8% to $597.0 million. The announcement by Sunbelt Rentals parent company, Ashtead Group plc, further highlighted Sunbelt’s operating profit increase of 40.8% to $135.2, up from $96.0 million in 2005. Sunbelt’s growth was achieved through increased investment in the rental fleet, which was on average 18% larger than a year ago, excluding the acquired NationsRent assets, and by rental rates which were approximately 3% higher than in the first half of fiscal year 2005.
“New investment in our rental fleet and a continuation of multi-year rental rate improvement provided a significant contribution to Sunbelt’s first half growth,” said Cliff Miller, Sunbelt Rentals president and chief executive officer. “ Sunbelt’s performance is a direct result of the hard work, dedication and commitment of our team members to serve our customers.”
The first half of the fiscal year has been busy for Sunbelt with the closing of the NationsRent acquisition and the merger of the two organizations. Strong financial
results were achieved despite the tremendous organizational effort to combine the two businesses. The operational and branch network merger is complete and a business systems integration to allow company wide customer and fleet visibility was also accomplished within 90 days of the closing. “This has been a unifying project that shows the true strength of the organization. From here we will continue our focus on providing industry leading customer service as one organization,” said Miller.
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Sunbelt Rentals, a wholly-owned subsidiary of Ashtead Group plc, is the second largest equipment rental company in the U.S. Sunbelt is based in Charlotte, N.C., and provides equipment rental solutions for the industrial, construction, and municipal markets, plus the DIY markets, from its network of over 470 branches, including 100 Lowe’s locations, in 35 states and the District of Columbia. Its extensive equipment fleet includes a wide range of general construction and industrial equipment, and is further broadened by specialty businesses serving the Pump, Power, Trench Shoring and Scaffold markets.
On a global scale, Ashtead Group, whose shares are publicly traded on the London Stock Exchange, now has a market capitalization of over $1 billion. Ashtead Group has a network of over 700 locations among three equipment rental subsidiaries: A-Plant, the third largest equipment rental company in the UK with 200 locations; Sunbelt Rentals; and Ashtead Technology, an international offshore and nondestructive testing equipment rental company headquartered in Houston, TX, with 10 branches located in the U.S., Canada, the United Kingdom and Singapore.