The hirer said the US market showed strong signs of recovery and the UK was returning to profitability after a hard winter.
Across the group profits plummeted 95% to £5m on sales down from more than £1bn last time to £836m.
Ashtead is, however, preparing for an upturn, boosting its capital expenditure from £63m this year to £225m next year.
In a statement with the latest annual results Ashtead said: “In preparation for the next phase of the cycle, we have started a fleet reinvestment programme, funded from operating cash flow.”
Ashtead has completed a group-wide cost-cutting programme, which cost the firm £32m over the year.
Around 17 A-Pant outlets were closed over the 12 months, leaving Ashtead with a UK network of 105 depots. Staff levels fell by 10% to 1,870.
In the UK, hirer A-Plant returned a small operating profit of £1.2m compared to a £16m loss last time. But sales over the period were down around by about a fifth to £162m.