Ashtead posts 17% rise in annual profit on Sunbelt growth

(Reuters) - Equipment rental company Ashtead Group Plc on Tuesday said full-year profit rose 17%, as its U.S. Sunbelt business benefited from higher demand for industrial gear. The FTSE-100 company, which rents out diggers, construction tools and other equipment, said underlying pretax profit rose to 1.11 billion pounds ($1.39 billion) in the year ended April 30, from 927.3 million pounds a year earlier.