* Q1 profits fall to 8.8 million sterling vs year-ago 35.9 million
* Sees company's FY results in line with its expectations
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LONDON, Sept 8 (Reuters) - British equipment hire company Ashtead said on Tuesday its first quarter underlying pretax profit fell 75 percent and it expected trading levels to be similar in the second quarter.
Ashtead, which rents industrial equipment from diggers to small tools in Britain and the United States, said that while visibility for the third and fourth quarters is less clear, the board sees full year results in line with its expectations.
"As anticipated market conditions remain difficult," said Geoff Drabble, Ashtead chief executive. "However, the actions we have taken to cut costs and reduce fleet size have ensured that our margins have held up well."
Ashtead said underlying pretax profit for the quarter to July 31 fell to 8.8 million pounds ($14.42 million) compared with last year's 35.9 million.
Ashtead's rental revenue was down 19 percent to 221.6 million pounds.
Ashtead said in June, when it reported full year profits fell 22 percent, that it expected a drop in sales to carry over from the last quarter due to a lack of private commercial building projects. Shares closed at 80 pence per share on Monday. Shares in Ashtead Group have advanced more than 87 percent so far this year, while the mid-cap FTSE 250 has gained 40.5 percent. ($1=.6101 Pound) (Reporting by Sharon Lindores; Editing by Jon Loades-Carter)