THE owner of Cheshire plant hire group A-Plant has seen profits plunge as the construction market remains depressed.

Ashtead yesterday said profits for the three months to July 31 stood at £8.2m – down 77% on the same period last year.

Underlying revenues also slumped 19% to £221.6m, although the group said cost-cutting actions had helped maintain profit margins. A-Plant, which employs 90 people at its Warrington base, has depots in Liverpool, Bootle and Haydock.

The company saw rental revenues fall by 26%, to £39.9m, over the period.

Ashtead’s chief executive, Geoff Drabble, said: “Visibility for Q3 and Q4 is less clear both in terms of demand and the pricing environment. However, the board continues to believe that the actions taken will deliver full-year results and cash generation in line with its expectations.

“We continue to believe that the fundamentals of our business model and the markets we serve remain attractive.

“Ashtead is well-placed, both in terms of its continuing operational momentum, and its financial strength, to benefit when markets recover.”