Ashtead reported revenue of $8.3bn over the first nine months, broadly flat on last year, with rental revenue up 5%. Revenue dropped 3% in the third quarter to $2.6bn.
Lower used equipment sales and higher costs meant underlying operating profit fell 3% to $2.0bn for the nine months.
Free cash flow of $858mn was an improvement on the $463mn outflow seen the prior year, with net debt improving from $11.2bn to $10.6bn.
There was no change to guidance, expecting 3-5% growth in rental revenue for the year and free cash flow of $1.4bn.
The shares fell 3.3% in early trading.
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Ashtead key facts
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