Resilient Performance Amid Challenging Market Conditions

The U.K. equipment-rental company has demonstrated its resilience in the first half of fiscal 2024, despite the challenging macroeconomic conditions that have impacted certain end markets.

U.K. Business Overview

Demand in the housebuilding sector within the company's U.K. businesses remained subdued yet stable. However, the general construction sector continued to face challenges. On a positive note, the infrastructure segment, including water, transmission, and rail, performed well. The longer-term regulatory programs have played a supportive role in driving this performance.

Strong Overseas Performance

The company's overseas businesses continued to thrive and outperform expectations during the first half of the fiscal year. As a result, the board anticipates a positive impact on end markets, leading to a promising outlook for the year ending March 31.

Looking Ahead with Confidence

"We are closely monitoring the impact of weaker markets in housebuilding and general construction. However, we remain confident that the Group will continue to provide shareholders with an attractive level of returns," stated Chief Executive Anna Bielby.

At 0956 GMT, shares were up 20 pence, representing a 4.1% increase, reaching 510 pence.