Earnings release
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RNS Number : 3905R Ashtead Technology Holdings plc 17 July 2025 17 July 2025 Ashtead Technology Holdings plc ("Ashtead Technology", the "Company" or the "Group") Half Year Trading Update Resilient margin performance with full year Adjusted PBT in line despite reduced revenues Ashtead Technology Holdings plc (AIM: AT.), a leading provider of subsea technology solutions to the globaloffshore energy sector, provides an update on trading for the six months ended 30 June 2025. Half year trading The Group delivered revenues of approximately £99m in the first half of 2025, representing growth of 23% over theprior year on a reported basis (down 6% on a pro-forma basis). A combination of the challenging geo-politicalenvironment, significant disruption in the US market and a small foreign exchange headwind, together with a focuson higher quality rental revenues and pro-actively reducing exposure to cross hire and low margin equipmentsales, resulted in lower revenues than initially expected. Adjusted EBITA margin performance during the period has been resilient and is expected to be c.27.3% (H1 2024pro forma: 26.1%), consistent with the Group's medium-term target of high 20%'s. This is a function of the Group'sfocus on improving business mix and alongside this the Group has delivered higher operational synergies thaninitially expected from the Seatronics and J2 Subsea acquisition, and within a shorter time period. The Group hasalso continued to maintain a disciplined approach to cost control while investing in strategic growth initiatives. Cash generation in the first six months was in line with expectations, and the Group expects pro forma net debtleverage at 30 June 2025 of c.1.6x. Outlook Through the remainder of the year, the Company will continue to focus on project delivery and strategic growthwhilst maintaining cost control. In this business environment, the Board now expects high single digit percentagegrowth on first half revenues in the seasonally more significant second half. The Board's view is that full yearAdjusted EBITA will be modestly below its previous expectations whilst its expectations for adjusted profit beforetax remain unchanged. Customers continue to report significant backlogs and contract awards, underpinning the Board's confidence in themedium-term fundamentals of Ashtead Technology's addressable markets. The Board remains confident in theCompany's ability to continue to outperform its markets over the medium term, driven by its scale, service offeringand geographic breadth. Update on move to the Main Market It remains the Board's intention for the Group to move to the Main Market of the London Stock Exchange during2025, and an update will be provided in due course. Notice of results The Group expects to publish the results for the 6 months ended 30 June 2025 on 26 August 2025. -Ends- For further information, please contact: Ashtead Technology (Via DGA Group)Allan Pirie, Chief Executive OfficerIngrid Stewart, Chief Financial OfficerColin Ross, Chief Strategy & Marketing Officer Deutsche Bank AG (Nomad and Joint Broker) Tel: +44 (0)20 7260 1000 Julian CaterGeorge PriceKevin Cruickshank (QE) Close Supplied by © Terms of Service| Cookie Policy 2025-07-17 08:53 Half Year Trading Update https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7750294&lang=en-GB&companycode=uk-tea&v= 1/2
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Peel Hunt (Joint Broker)Edward Allsopp Tel: +44 (0)20 7418 8900Charlotte SutcliffeTom Graham DGA Group (Financial PR)Jonathon Brill Tel: +44 (0)7566 794 033James Styles ashteadtechnology@dgagroup.comFern Duncan Notes to editors: Ashtead Technology is a leading subsea technology solutions provider to the global offshore energy sector.Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers tounderstand the subsea environment and manage offshore energy production infrastructure. Ashtead Technology's offering is applicable across the lifecycle of offshore wind farms and offshore oil and gasinfrastructure with over 85% of its equipment fungible across both markets. Headquartered in the UK, Ashtead Technology operates globally, servicing customers from its facilities located inkey offshore energy hubs. To learn more, please visit www.ashtead-technology.com This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it formspart of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended(together, 'MAR'). Upon the publication of this announcement, this inside information is now considered to be in thepublic domain. The person responsible for arranging the release of this announcement on behalf of AshteadTechnology is Ingrid Stewart, CFO / Director. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTPKABPKBKBDOD Close Supplied by © Terms of Service| Cookie Policy 2025-07-17 08:53 Half Year Trading Update https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7750294&lang=en-GB&companycode=uk-tea&v= 2/2