Shares in equipment rental company Ashtead (LON:AHT) fell over 2 percent at market open, despite reporting increases in both profits and revenues for the third quarter.

Underlying pre-tax profits rose 26 percent over the three month period to £205.1 million, with rental revenues increasing 24 percent to hit £845.5 million. EBITDA rose 20 percent to £408.8 million.

The group said its end markets remain strong going into the fourth quarter of the year, adding that a wide range of metrics have shown “consistent improvement”. Ashtead invested £859 million in the form of capital expenditure and £315 million on bolt-on acquisitions in the period.

Ashtead’s chief executive, Geoff Drabble, confirmed that full year results were likely to be in line with prior expectations.

All our divisions continue to perform well in supportive end markets. While currency continues to be a headwind, we expect this to be mitigated by the strong underlying performance in North America”, he said.

Shares in Ashtead are currently trading down 2.09 percent at 1,986.50 (0827GMT).