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23 Jan 2025 07:00
23 January 2025
Ashtead Technology Holdings plc
("Ashtead Technology" or the "Group")
Year End Trading Update
Continued positive momentum through 2024; full-year profit expectations ahead of consensus
Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to provide an update on its financial performance for the year ended 31 December 2024.
The Group continued to demonstrate robust performance throughout 2024. Unaudited full-year revenues for 2024 are projected to be around £168m with full year adjusted EBITA expected to be ahead of consensus. A strong trading end to 2024, ongoing market demand and record customer backlogs provides confidence that growth will continue through 2025 in line with previous guidance.
Allan Pirie, Chief Executive Officer, commented:
"We are pleased with our strong full-year financial performance. The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth. With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence, we remain confident in the Group's ability to generate substantial long-term value for shareholders."
Analyst consensus for FY 2024 was revenue of £167m and adjusted EBITA of £46.6m. More details are available at https://www.ashtead-technology.com/investors/analyst-consensus/.
For further information, please contact:
Ashtead Technology Allan Pirie, Chief Executive Officer Ingrid Stewart, Chief Financial Officer Colin Ross, Chief Strategy & Marketing Officer
| (Via Vigo Consulting)
|
Vigo Consulting (Financial PR) Patrick d'Ancona Finlay Thomson Verity Snow
| Tel: +44 (0)20 7390 0230 ashteadtechnology@vigoconsulting.com
|
Deutsche Numis (Nomad and Broker) Julian Cater George Price Kevin Cruickshank (QE) | Tel: +44 (0)20 7260 1000
|
Notes to editors:
Ashtead Technology is a leading subsea equipment rental and solutions provider to 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.
Ashtead Technology's offering is applicable across the lifecycle of offshore wind farms and offshore oil and gas infrastructure with over 85% of its equipment fungible across both markets.
Headquartered in the UK, Ashtead Technology operates globally, servicing customers from its facilities located in key offshore energy hubs.
To learn more, please visit www.ashtead-technology.com
This announcement contains inside information as defined in Article 7 of the retained EU law version of the Market Abuse Regulation No 596/2014 ("UK MAR") and has been announced in accordance with the Company's obligations under Article 17 of UK MAR.
The person responsible for arranging the release of this announcement on behalf of Ashtead Technology is Ingrid Stewart, CFO / Director.
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