Ashtead Technology trading boosted by "record" key customer backlogs

(Alliance News) - Ashtead Technology Holdings Plc on Thursday said the group has traded in line with its expectations during the first four months of 2025, as "record" key customer backlogs boost its confidence in future demand.

The Aberdeenshire, Scotland-based subsea equipment rental company for the offshore energy sector said its mobile and fungible technology fleet, in particular, provides "operational flexibility".

The fleet also helps to navigate "regional geopolitical market fluctuations", Ashtead Technology added. It noted that the macro business environment remains "fluid".

Ashtead Technology in late March said it was considering a move to the Main Market of the London Stock Exchange. The company on Thursday said that preliminary work streams are now underway, and that it is targeting admission to the Main Market during 2025.

The firm said it believes admission to the Main Market will "provide access to a broader pool of capital and further enhance the group's market profile".

Ashtead Technology said its performance expectations for the full year remain unchanged.

"We have had a solid start to the year, with trading in line with expectations. While wider macro-economic uncertainty has increased in the period, we are encouraged by the group's performance to date supported by the strength of our customer's reported backlogs and the resilience of our operating model. This provides us with confidence in future demand for the group's products and solutions," said Chief Executive Officer Allan Pirie.

Shares in Ashtead Technology were down 3.4% at 441.00 pence each in London on Thursday afternoon. The stock is down 47% over the past year.

By Emily Parsons, Alliance News reporter

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