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Revenue Rental revenue EBITDA Operating profit Adjusted² profit before taxation Profit before taxation Unaudited results for the first quarter ended 31 July 2021 Adjusted² earnings per share Earnings per share Highlights ³ ● Ashtead group 16 September 2021 2021 $ m 1,852 1,669 860 477 437 416 71.5 ¢ 68.0 ¢ Strong quarter with clear momentum Revenue up 21 % ¹ ; rental revenue up 22 % ¹ Operating profit of $ 477m ( 2020 : $ 311m ) Adjusted pre - tax profit of $ 437m ( 2020 : $ 260m ) Adjusted earnings per share of 71.5 ¢ ( 2020 : 43.4 ¢ ) $ 551m of capital invested in the business ( 2020 : $ 122m ) Free cash flow of $ 420m ( 2020 : $ 558m ) First quarter 2020 $ m $ 123m spent on bolt - on acquisitions ( 2020 : $ nil ) Net debt to EBITDA leverage¹ , ³ of 1.3 times ( 2020 : 1.8 times ) Refinancing marks debut investment grade issuance Board now expects full - year results ahead of its earlier expectations 1,505 1,352 685 311 260 241 43.4 ¢ 40.1 ¢ Growth¹ % 21 % 22 % 24 % 53 % 68 % 74 % 66 % 71 % 1 Calculated at constant exchange rates applying current period exchange rates . 2 Adjusted results are stated before exceptional items and amortisation . 3 Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information . The directors have adopted these to provide additional information on the underlying trends , performance and position of the Group . The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies ' alternative performance measures , but are defined and reconciled in the Glossary on page 28 .