REG - Ashtead Tech Hldgs - Trading Update

Ashtead Technology HoldingsAnnouncement

10/10/2022 07:00

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RNS Number : 3097C  Ashtead Technology Holdings plc  10 October 2022

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                           (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

 Kate Kilgallen

 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.

 

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.

 

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