UK focus works for Ashtead's profit

Ashtead Group has reported a pre-tax profit of £3.5m for the three-month period up to 31 July, compared to an £8m loss for the same period last year.
Chief executive George Burnett said the group performed strongly reflecting improving markets and the benefits of refocusing on its UK business.
The group's UK tool and plant hirer A-Plant posted an operating profit of £3m before exceptional items and amortisation, up from £1m in the 2003 period.
Burnett said A-Plant has continued to build on performance improvements seen in the fourth quarter last year, even with a 6% smaller fleet.
Utilisation rates rose from 61% in 2003 to 66%, while rental rates remained constant.
However, A-Plant said its operating costs fell 10.6% in the quarter, reflecting the non-core disposals and tight management.