REG - Ashtead Tech Hldgs - Trading Update

Ashtead Technology HoldingsAnnouncement

30/06/2022 07:00

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RNS Number : 7085Q  Ashtead Technology Holdings plc  30 June 2022

30 June 2022

Ashtead Technology Holdings plc

("the Company")

 

Trading Update

 

Ashtead Technology Holdings plc (AIM: AT.) provides the following trading
update ahead of its Annual General Meeting later today.

 

The Group has made an excellent start to the year as the industry benefits
from an increased focus on energy transition and energy security which
continues to drive utilisation and pricing.  Revenues for the seasonally
weaker H1 2022 are expected to be no less than £31m, representing growth of
at least 25% on H1 2021, which was still impacted by the Covid pandemic. The
EBITA margin for the period is expected to be higher than prior year and in
line with the Board's expectations.

 

The Group will provide further details on its performance in its 2022
half-year results statement, which it expects to issue in September.

 

Allan Pirie, Chief Executive, commented:

 

"We are pleased with the financial performance of the Group in the first half
of the year.  The business is well placed to continue benefitting from
current market conditions during the second half of 2022 as we also seek to
continue our focus on operational excellence, and further capitalise on the
fungibility of our industry-leading rental fleet to support both oil and gas
and renewables markets."

 

 For further information, please contact:

 

 Ashtead Technology                           (Via Vigo Consulting)

 Allan Pirie, Chief Executive Officer

 Ingrid Stewart, Chief Financial Officer

 Vigo Consulting (financial PR)               Tel: +44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 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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