Equipment Group Ashtead saw revenues dip last year ahead of its primary listing switch from London to New York, amid weaker demand for used construction gear. 

But Ashtead achieved record annual rental revenue and earnings thanks to activity related to hurricane relief and despite weakness in the US construction sector.

The industrial equipment supplier revealed that its rental turnover increased by 4 per cent to $10billion in the year ending April, although its total sales slipped by 1 per cent to $10.8billion.

Meanwhile, adjusted earnings before nasties rose by 3 per cent to $5billion and free cash flow skyrocketed from $216million the previous year to $1.8billion.

Growth was bolstered by volume and rate improvement across its North American general tool and specialty divisions.

Ashtead said hurricane response efforts contributed $25million to $30million in rental revenues for the former segment and between $60million and $70million for the latter.

The 2024 Atlantic hurricane season was one of the costliest ever, generating an estimated $124billion in damages, according to the National Hurricane Center.

Ashtead, whose product range includes diggers, refrigerated containers, and air conditioning units, gains higher demand for its goods following natural disasters in the US, where it trades under the name Sunbelt Rentals.

It also supplies equipment for Hollywood film and television productions, such as cameras, dollies, and lighting.

Brendan Horgan, chief executive of Ashtead, said: 'We continue to take advantage of strong secular tailwinds and structural progression, within our $87billion and growing industry.'

He noted that while trading in the local non-residential construction sector remained subdued, mega-project activity 'continues to be robust,' especially in regards to the data centre, semiconductor and liquefied natural gas industries.

Horgan added that Ashtead was due to switch its primary listing to New York in the first quarter of next year.

Ashtead initially announced its intention to move stateside last December, citing the desire to enhance liquidity in its shares and boost access to US investors.

The intended relocation represents another blow to the London Stock Exchange, which has struggled to attract new initial public offerings and seen many companies change their main listing in the hopes of higher valuations.

In recent years, Paddy Power owner Flutter Entertainment and building materials firm CRH changed their primary listing to Wall Street, while travel giant TUI opted for Frankfurt.

Just in the past month, drugmaker Indivior and fintech platform Wise said they would switch their main listing to New York.

Ashtead Group shares were 0.6 per cent lower at £43.55 on Tuesday morning but have shrunk by around 12 per cent since the year began.