Ashtead Technology (AIM: AT.) has reported a “robust” performance in 2024 in an update to the markets.
Shares rose more than 11% in midday trading, after the Aberdeen-headquartered subsea equipment rental provider said it enjoyed a “strong trading end” to the year.
In its statement, the AIM-listed group added that “ongoing market demand and record customer backlogs” meant it was confident that growth will continue in 2025 in line with guidance.
The group has said that its unaudited full-year revenues for 2024 are projected to be around £168million, with full year adjusted EBITA of £65.7m expected to be “ahead of consensus“.
Panmure Liberum analyst Ashley Kelty agreed and said the figures compared “favourably” with the broker’s forecast of £167m and £63m, respectively.
Last year Ashtead completed a £63m acquisition of Seatronics and J2 Subsea, two remotely operated vehicle (ROV) businesses, from Acteon, the private equity-owned engineering services group based in Norwich. Acteon itself was acquired by private equity investors Buckthorn Partners and One Equity Partners (OEP) from KKR in March.
Kelty said the deal set the company set the company “up well for further growth”.
He added: “Demand from both the oil and gas and wind sectors remains strong, and we see a clear path for further organic growth for AT in near-term and scope for further M&A.”
© Ashtead TechnologyAshtead chief executive, Allan Pirie, added: “We are pleased with our strong full-year financial performance.
“The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth.
“With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence, we remain confident in the group’s ability to generate substantial long-term value for shareholders.”
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