Last checked at 10 Oct 2022 07:00
10 October 2022
Ashtead Technology Holdings plc
("Ashtead Technology" or the "Group")
Trading Update
Ashtead Technology (AIM: AT.), the international subsea rental equipment and solutions specialist, is pleased to provide the following trading update in respect of the year ending 31 December 2022.
Building on the strong results delivered in the first half of the year, the Group has continued to benefit from increasing strength across its geographic markets resulting in higher cost utilisation and pricing compared to the prior year. Given the strong underlying performance, and supported by the continued positive market outlook and favourable exchange rates across its international business, the Board has increased confidence in the Group's trading outlook and now expects to materially outperform its previous expectations for the full year ending 31 December 2022.
Allan Pirie, Chief Executive, commented:
"I am pleased to report that the strong growth we witnessed in H1 of this year has continued into the third quarter. As a result, the Board is confident that we will achieve full year revenues and profits materially ahead of current market expectations."
For further information, please contact:
Ashtead Technology Allan Pirie, Chief Executive Officer Ingrid Stewart, Chief Financial Officer
| (Via Vigo Consulting)
|
Vigo Consulting (financial PR) Patrick d'Ancona Finlay Thomson Kate Kilgallen
| Tel: +44 (0)20 7390 0230
|
Numis Securities Limited (Nomad and Broker) Julian Cater George Price Jonny Abbott Kevin Cruickshank (QE)
| Tel: +44 (0)20 7260 1000
|
Notes to editors:
Ashtead Technology is a leading subsea equipment rental and solutions provider for the global offshore energy sector. Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure.
The Company's service offering is applicable across the lifecycle of offshore wind farms and offshore oil and gas infrastructure.
In the fast-growing offshore wind sector, Ashtead Technology's specialist equipment and services are essential through the project development, construction and installation phase. Once wind farms are operational, Ashtead Technology supports customers with inspection, maintenance and repair ("IMR") equipment and services. In the more mature oil and gas sector, Ashtead Technology's focus is on IMR and decommissioning.
Headquartered in the UK, the Company operates globally, servicing customers from its nine facilities located in key offshore energy hubs.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (together, "MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.