(Alliance News) - Ashtead Technology Holdings PLC on Tuesday reported continued strong growth in 2023.
The Aberdeenshire, Scotland-based subsea equipment rental company for the offshore energy sector increased pretax profit in 2023 by 69% to GBP27.5 million from GBP16.3 million the year before.
Revenue grew by 51% to GBP110.5 million from GBP73.1 million.
This was driven by rising demand from both the offshore renewables and oil and gas markets which grew 50% and 52% respectively, with renewables revenue growth accounting for 31% of total revenue.
The company proposed a full and final dividend of 1.10 pence per share, representing a 10% increase from 1.00p.
Chief Executive Officer Allan Pirie said: "The structural growth drivers in our end markets remain attractive and we are uniquely positioned to seize both organic and acquisitive growth opportunities. Our trading momentum has continued into the new financial year, and we are excited by the significant growth opportunities that are being worked on across the group."
Ashtead Technology shares were down 14% to 650.00 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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