Ashtead Technology shares tank as Middle East conflict delays projects

(Sharecast News) - Subsea energy tech solutions firm Ashtead Technology saw its shares plunge on Thursday after saying the ongoing conflict in the Middle East continues to delay projects, now expected to have a material effect on full-year results. Ashtead Technology said that certain projects in the region earmarked for the second half of 2026 have now been postponed until 2027. The deferral of rental revenues, in particular, will adversely impact the revenue mix this year.

"The continued and broader economic uncertainty, and changes to vessel scheduling, has also now resulted in some project delays, particularly in Europe and the Americas," the group added.

As a result, full-year revenues will be around 5% below the current company-compiled consensus forecast of £214.2m, which equates to a result of £203.5m, more or less flat on the year before.

The deferrals will also impact margins, leading to an adjusted EBITDA around 15% below the analyst estimate of £59.2m. That would equate to a figure closer to £50.2m, compared with the £59.1m earned in 2025.

Looking ahead, the company still expressed confidence in the long term, due to an "increased focus on energy security coupled with continued strong customer backlog".

The stock was down 13.7% at 370p by 0819 BST.

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