Ashtead Technology set to beat full-year earnings expectations

(Sharecast News) - Subsea equipment rental and solutions provider Ashtead Technology reported continued robust performance in a full-year trading update on Thursday, with unaudited full-year revenue projected to reach £168m. The AIM-traded firm said full-year adjusted EBITA was meanwhile expected to exceed market consensus.

It said a strong finish to 2024, coupled with ongoing market demand and a record backlog of customer orders, provided it with confidence that growth would continue into 2025, in line with previous guidance.

"We are pleased with our strong full-year financial performance," said chief executive officer Allan Pirie.

"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."

At 1405 GMT, shares in Ashtead Technology Holdings were up 12.19% at 623.76p.

Reporting by Josh White for Sharecast.com.