Running a fleet hire business such as Ashtead is a virtuous circle, Geoff Drabble, the chief executive, argues. The more you invest in the equipment, the better service you can give your customers. You open new stores and continue to gain market share at the same time.
Meanwhile, Ashtead has had the advantage of recovering American and British construction markets. The company, therefore, is seeing organic growth at about twice the pace of the markets where it operates.
Its market share in the United States, where its Sunbelt operation provides 85 per cent of group revenues, has risen from about 4 per cent in 2010 to 7 per cent today. The business is coming from its smaller rivals, which can be outspent on investment in