REG - Ashtead Tech Hldgs - Trading Update

Ashtead Technology HoldingsAnnouncement

07/04/2022 07:00

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RNS Number : 5503H  Ashtead Technology Holdings plc  07 April 2022

7 April 2022

Ashtead Technology Holdings plc

("the Company")

 

TRADING UPDATE

Strong start to the year, on track for FY22

 

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 trading.

 

The Company continued to perform strongly in the first quarter of 2022,
supported by good ongoing customer demand across both offshore wind, and oil
and gas, end markets. The activity levels experienced in the first quarter are
higher than the same period in the prior year, with utilisation rates
remaining strong. This performance to date underpins the Board's confidence in
meeting its expectations for the full year 2022.

 

Allan Pirie, Chief Executive Officer, said:

 

"Our first full financial year as a listed company has begun well, with
positive trading momentum continuing during Q1. While we are mindful of
uncertainty arising from the current geopolitical environment and inflationary
pressures, mitigated by tightening market conditions and increasing pricing,
we remain confident of making further progress in 2022."

"We continue to invest in our highly fungible, equipment rental fleet, which
is the largest independent fleet in the industry, and remain well placed to
support the continued strong demand from offshore wind and the anticipated
pick-up in spending in the oil and gas industry given the increased focus on
energy security."

 

Notice of FY21 Results

The Company will announce results for its financial year ended 31 December
2021 by early June 2022.

 

For further information, please contact:

 Ashtead Technology                           Via MHP
 Allan Pirie, Chief Executive Officer
 Ingrid Stewart, Chief Financial Officer

 MHP (Financial PR)                           Tel: +44 (0)20 3128 8540
 Peter Hewer                                  AshteadTechnology@mhpc.com
 Charlie Barker
 Robert Collett-Creedy

 Numis Securities Limited (Nomad and Broker)  Tel: +44 (0)20 7260 1000
 Julian Cater
 George Price
 Jonny Abbott

 Kevin Cruickshank (QE)

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. Headquartered in the UK,
the Company operates globally, servicing customers from its nine international
customer service hubs.

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.

 

 

 

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