Ashtead Technology Holdings plc (LON: AT), a key player in subsea technology solutions for the offshore energy sector, reported its unaudited half-year results on Tuesday, signaling strong profitability and setting the stage for a move to the Main Market of the London Stock Exchange on October 6, 2025.
The company's shares have surged 14% on Tuesday, currently trading around the 390p mark.
Ashtead's revenue for the first half of 2025 surged by 23.2% to £99.1 million, compared to £80.5 million in the same period last year.
Adjusted EBITA increased by 19.7% to £27.0 million, although the Adjusted EBITA margin saw a slight dip of 81 basis points to 27.3%.
Operating profit climbed 12.3% to £23.2 million, while profit before tax edged up 0.8% to £17.8 million. Adjusted basic earnings per share rose by 14.5% to 21.9p.
The company said its focus on high-quality rental activities has been a major driver of its performance. Both the oil and gas sector, contributing £73.7 million in revenue, and the renewables market, with £25.4 million, have shown strong growth.
Furthermore, net cash generated from operating activities more than doubled to £21.1 million, up from £9.7 million in the prior year.
The company stated that the successful integration of Seatronics and J2 Subsea acquisitions, completed in November 2024, has yielded operational synergies faster than anticipated.
Meanwhile, it is also investing in talent, technology, and geographic diversification, including a new facility in Houston to bolster its Lifting, Pulling, and Deployment capabilities in the US.
The Board's expectations remain aligned with the trading update from July 17, 2025. The company is confident in its medium-term outlook, supported by Rystad Energy's forecast of an 8% CAGR in Ashtead Technology's total addressable market between 2024 and 2028. Customer backlogs remain substantial, reinforcing this confidence.
Allan Pirie, Chief Executive Officer, stated, “The Group has continued to deliver strong profitability and year-on-year growth despite some market and geopolitical headwinds during the period…Globally, our customers continue to report sustained record backlogs supported by significant contract awards in the period.”
In a separate release on Tuesday, Ashtead confirmed its intention to move its shares to the main market of the London Stock Exchange. The company expects the admission to take place at 8 am on October 6, 2025.
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