Equipment rental giant Ashtead Plc reported higher first-quarter profit on Tuesday, as its U.S. Sunbelt business benefited from higher rental demand for industrial gear. The company’s results follows a bumper 2018-19, with Ashtead seeing an uptick in construction companies choosing to rent equipment instead of buying, and as U.S. construction activity boomed. Ashtead said it spent 125 million pounds under its share buyback programme in the quarter, and expects to spend a minimum of 500 million pounds on share buybacks this year.

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