Ashtead's first-quarter profit slumps 35% on coronavirus impact

"We expect full-year group rental revenue to be down mid to high single digits when compared with last year on a constant currency basis," said Chief Executive Officer Brendan Horgan in a statement, assuming that there were no significant shutdowns due to a second wave of infections. The FTSE 100 company, which rents out diggers, construction tools and other equipment, said underlying pretax profit fell to 208 million pounds ($273.69 million) in the three months ended July 31, compared with 319 million pounds last year. Rental revenue for the first quarter declined 8% to 1.08 billion pounds.