The company also increased its capital expenditure plans for the year as a whole, pledging to continue investing in organic growth thanks to the momentum it is seeing in the business.
"As a result of this strong performance, and with a strong balance sheet to support future growth, we now anticipate a full year result ahead of our previous expectations," Chief Executive
The company invested
"While we continue to invest heavily in the business, our strong margins allow us to do this while maintaining our leverage discipline," Drabble said.
The company's earnings before interest, tax, depreciation and amortisation margin was 46% in the first quarter, up from 43% a year earlier. Its net debt to Ebitda leverage was 1.9 times, down from 2.0 times.
Rental revenue was up 22% in its US construction and industrial equipment rental business, Sunbelt, which has 436 stores in 40 states. Rental revenue at A-Belt, the
"Our end markets are clearly now at the early stages of recovery and are up circa 8% year on year. Our ability to capitalise on this opportunity is evidenced by our same-store growth of 17% as we continue to take further market share. In addition, bolt-ons and greenfields have contributed a further 7% growth as we execute our long-term structural growth strategy of expanding our geographic footprint and our specialty businesses," it said.
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