Ashtead Technology Holdings PLC
LSE:AT
Ashtead Technology Holdings PLC
Ashtead Technology Holdings Plc engages in the of subsea equipment rental and solutions provider for global offshore energy sector. The company is headquartered in Sandy, Bedfordshire and currently employs 176 full-time employees. The company went IPO on 2021-11-23. The firm provide customers in the North Sea and beyond with high-specification survey and Remotely operated underwater vehicle (ROV) equipment on a rental or sale basis. The firm serves its customers through approximately nine international technology and service hubs. The firm also provides technology solutions for offshore energy infrastructure through its three service lines, such as survey and robotics, mechanical solutions and asset integrity. The firm provides specialists and engineering support in all areas of asset integrity, including design, construction and installation, mechanical integrity, life of field inspection and maintenance and risk analysis. The firm offers its services to the markets, such as renewables oil and gas, infrastructure and industrial sectors.
Ashtead Technology Holdings Plc engages in the of subsea equipment rental and solutions provider for global offshore energy sector. The company is headquartered in Sandy, Bedfordshire and currently employs 176 full-time employees. The company went IPO on 2021-11-23. The firm provide customers in the North Sea and beyond with high-specification survey and Remotely operated underwater vehicle (ROV) equipment on a rental or sale basis. The firm serves its customers through approximately nine international technology and service hubs. The firm also provides technology solutions for offshore energy infrastructure through its three service lines, such as survey and robotics, mechanical solutions and asset integrity. The firm provides specialists and engineering support in all areas of asset integrity, including design, construction and installation, mechanical integrity, life of field inspection and maintenance and risk analysis. The firm offers its services to the markets, such as renewables oil and gas, infrastructure and industrial sectors.
Revenue Growth: Revenue increased by 23% year-on-year to GBP 99.1 million, mainly driven by acquisitions, but organic growth was only 1.3% due to market headwinds.
Profitability: Adjusted EBITDA rose 20% to GBP 27 million, with a margin of 27%—ahead of internal expectations. Adjusted EPS grew by 15% to 21.9p.
Acquisitions Integrated: Seatronics and J2, acquired in November 2024, are fully integrated, delivering higher operational synergies than planned and improving margins.
Market Outlook: Management confirmed confidence in H2 growth as delayed projects have now mobilized, supported by record multi-year customer backlogs.
CapEx and Leverage: GBP 19.4 million invested in equipment fleet YTD, with full-year CapEx expected at GBP 35 million (about 14% of revenue). Leverage is at 1.6x, with a goal to reduce to 1.4x by year-end.
Guidance Maintained: Full-year expectations remain unchanged and in line with previous trading updates.
Main Market Move: Company plans to move to the Main Market on 6th October, aiming for greater liquidity and investor access.
