Profit before tax for the fourth quarter to 30 April leapt 63% at actual rates of exchange to £25.4m, taking the figure for the 12 months to £122.9m, up from £81.4m the year before.

The group said market conditions remain good in both the UK and the US as full year revenue improved by 12% to £1bn following final quarter growth of 3% to £241.9m.

"We continue to enjoy high levels of utilisation and expect to benefit further from the momentum established in the group," said boss Geoff Drabble. "Therefore, despite the current economic uncertainty, the board anticipates the group continuing to trade in line with its expectations in the coming year."

The company also announced that it had agreed to sell its Ashtead Technology Rentals business to an MBO backed by Phoenix Equity Partners for £95.6m.