Aberdeen’s Ashtead Technology saw revenue growth of 52% for 2024, driven largely by the company’s mergers and acquisitions strategy.
According to the subsea equipment provider’s full-year results for 2024, the company brought in £168 million of revenue in 2024, compared to £110.5m in 2023.
Inorganic revenue contributed roughly 39% of the 52% increase, against around 14% for organic revenue.
In addition, the company saw profit before tax of £36.1m, an increase of 31% on the previous year
Ashtead Technology has been pursuing an M&A strategy for several years, acquiring WeSubsea and Hiretech in late 2022 and ACE Winches in November 2023.
The group brought its total number of acquisitions up to nine in 2024, when it purchased both Seatronics and J2 Subsea in November. These marked its largest deal to date and expanded its equipment fleet and the scale to its international operations.
Ashtead CEO Allan Pirie said that the group’s 2024 performance exceeded their financial and strategic objectives.
“The group finished the year larger, stronger and more capable of delivering value to our customers. This is underpinned by the breadth of our offering and the flexibility of our international operating model.
“The integration of Seatronics and J2 Subsea, acquired in November, is at an advanced stage and the quality of what we have acquired has already exceeded our expectations.
“Reflecting on the strong financial performance in 2024, the record backlogs being reported by our customers and the strong growth fundamentals in our core markets, we are confident in our ongoing positive momentum. With opportunities for both continued organic growth and disciplined M&A activity, we believe that we can deliver further value creation for our shareholders moving forward.”
Ashtead Technology added that its board is encouraged by the group’s performance in the first quarter of 2025 and that its full year 2025 expectations remain unchanged.
The board also said that is assessing a potential move from the Alternative Investment Market to the main market, following consultation with the company’s advisors and largest shareholders.
