REG - Ashtead Tech Hldgs - Half Year Trading Update

Ashtead Technology HoldingsAnnouncement

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RNS Number : 3905R  Ashtead Technology Holdings plc  17 July 2025

17 July 2025

Ashtead Technology Holdings plc

("Ashtead Technology", the "Company" or the "Group")

Half Year Trading Update

Resilient margin performance with full year Adjusted PBT in line despite
reduced revenues

 

Ashtead Technology Holdings plc (AIM: AT.), a leading provider of subsea
technology solutions to the global offshore energy sector, provides an update
on trading for the six months ended 30 June 2025.

Half year trading

The Group delivered revenues of approximately £99m in the first half of 2025,
representing growth of 23% over the prior year on a reported basis (down 6% on
a pro-forma basis). A combination of the challenging geo-political
environment, significant disruption in the US market and a small foreign
exchange headwind, together with a focus on higher quality rental revenues and
pro-actively reducing exposure to cross hire and low margin equipment sales,
resulted in lower revenues than initially expected.

Adjusted EBITA margin performance during the period has been resilient and is
expected to be c.27.3% (H1 2024 pro forma: 26.1%), consistent with the Group's
medium-term target of high 20%'s. This is a function of the Group's focus on
improving business mix and alongside this the Group has delivered higher
operational synergies than initially expected from the Seatronics and J2
Subsea acquisition, and within a shorter time period. The Group has also
continued to maintain a disciplined approach to cost control while investing
in strategic growth initiatives.

Cash generation in the first six months was in line with expectations, and the
Group expects pro forma net debt leverage at 30 June 2025 of c.1.6x.

Outlook

Through the remainder of the year, the Company will continue to focus on
project delivery and strategic growth whilst maintaining cost control.  In
this business environment, the Board now expects high single digit percentage
growth on first half revenues in the seasonally more significant second half.
 The Board's view is that full year Adjusted EBITA will be modestly below its
previous expectations whilst its expectations for adjusted profit before tax
remain unchanged.

Customers continue to report significant backlogs and contract awards,
underpinning the Board's confidence in the medium-term fundamentals of Ashtead
Technology's addressable markets.  The Board remains confident in the
Company's ability to continue to outperform its markets over the medium term,
driven by its scale, service offering and geographic breadth.

Update on move to the Main Market

It remains the Board's intention for the Group to move to the Main Market of
the London Stock Exchange during 2025, and an update will be provided in due
course.

Notice of results

The Group expects to publish the results for the 6 months ended 30 June 2025
on 26 August 2025.

 

-Ends-

 For further information, please contact:

 Ashtead Technology                                  (Via DGA Group)
 Allan Pirie, Chief Executive Officer
 Ingrid Stewart, Chief Financial Officer
 Colin Ross, Chief Strategy & Marketing Officer

 Deutsche Bank AG (Nomad and Joint Broker)           Tel: +44 (0)20 7260 1000

 Julian Cater
 George Price
 Kevin Cruickshank (QE)

 Peel Hunt (Joint Broker)
 Edward Allsopp                                      Tel: +44 (0)20 7418 8900
 Charlotte Sutcliffe
 Tom Graham

 DGA Group (Financial PR)
 Jonathon Brill                                      Tel: +44 (0)7566 794 033
 James Styles                                        ashteadtechnology@dgagroup.com
 Fern Duncan

 

Notes to editors:

Ashtead Technology is a leading subsea technology 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
(http://www.ashtead-technology.com/)

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. The person responsible for
arranging the release of this announcement on behalf of Ashtead Technology is
Ingrid Stewart, CFO / Director.

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