The firm said 11% more fleet was on rent at an average yield down 2% but still represented a 9% growth in rental revenue.

The improvement with tighter cost control hoisted UK operating margins from 3.8% last time to 5.9% in the year to April.

Turnover grew 9% to £206m with extra business prompting A-Plant to raise fleet investment by 6% to £62m, with £50m spent on upgrades and £12m expanding product lines.

Over the year the number of A-Plant depots fell to 106 as three were closed, although staff levels remained level at 1,934.

Ashtead’s UK performance was somewhat overshadowed by Sunbelt in the US which booked an operating profit of £287m on turnover now through the £1bn barrier.

Chief executive, Geoff Drabble, said: “With this momentum established in the business, cyclical recovery still to come and a strong balance sheet to support growth opportunities, we anticipate that our profits in the coming year will be ahead of our earlier expectations.”