Dramatic profit jump for Ashtead Group

The Ashtead Group has announced a trebling of profit to £67.5m and the retirement of chief executive George Burnett.

Ashtead's US division Sunbelt Rentals recorded a massive 62.7% rise in profits to £98.9m, generated from revenue up £106.2m to £461.2m. Meanwhile the A-Plant division achieved a 22% rise to £13.9m from revenue of £160.7m. Overall profit for the group increased from £22.4 to £67.5m.

The announcement of Ashtead's end of year financial results come at a time of change for the group: chief executive George Burnett will retire in September when he reaches 60.

Burnett will be replaced by Geoff Drabble. Drabble is currently executive director of the Laird Group and non-executive director at Ashtead Group.