Ashtead Technology Holdings plc Trading Update (5503H)

TIDMAT.

RNS Number : 5503H

Ashtead Technology Holdings plc

07 April 2022

7 April 2022

Ashtead Technology Holdings plc

("the Company")

TRADING UPDATE

Strong start to the year, on track for FY22

Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to provide an update on trading.

The Company continued to perform strongly in the first quarter of 2022, supported by good ongoing customer demand across both offshore wind, and oil and gas, end markets. The activity levels experienced in the first quarter are higher than the same period in the prior year, with utilisation rates remaining strong. This performance to date underpins the Board's confidence in meeting its expectations for the full year 2022.

Allan Pirie, Chief Executive Officer, said:

"Our first full financial year as a listed company has begun well, with positive trading momentum continuing during Q1. While we are mindful of uncertainty arising from the current geopolitical environment and inflationary pressures, mitigated by tightening market conditions and increasing pricing, we remain confident of making further progress in 2022."

"We continue to invest in our highly fungible, equipment rental fleet, which is the largest independent fleet in the industry, and remain well placed to support the continued strong demand from offshore wind and the anticipated pick-up in spending in the oil and gas industry given the increased focus on energy security."

Notice of FY21 Results

The Company will announce results for its financial year ended 31 December 2021 by early June 2022.

For further information, please contact:

 
 Ashtead Technology                                               Via MHP 
 Allan Pirie, Chief Executive Officer 
 Ingrid Stewart, Chief Financial Officer 
 
 MHP (Financial PR)                              Tel: [phone] 
 Peter Hewer                                   [e-mail] 
 Charlie Barker 
 Robert Collett-Creedy 
 
 Numis Securities Limited (Nomad and Broker)     Tel: [phone] 
 Julian Cater 
 George Price 
 Jonny Abbott 
  Kevin Cruickshank (QE) 
 
 

Notes to editors:

Ashtead Technology is a leading subsea equipment rental and solutions provider for the global offshore energy sector. Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure.

The Company's service offering is applicable across the lifecycle of offshore wind farms and offshore oil and gas infrastructure. Headquartered in the UK, the Company operates globally, servicing customers from its nine international customer service hubs.

In the fast-growing offshore wind sector, Ashtead Technology's specialist equipment and services are essential through the project development, construction and installation phase. Once wind farms are operational, Ashtead Technology supports customers with inspection, maintenance and repair ("IMR") equipment and services. In the more mature oil and gas sector, Ashtead Technology's focus is on IMR and decommissioning.

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 [e-mail] 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

TSTFLFLTSFIRIIF

(END) Dow Jones Newswires

April 07, 2022 02:01 ET (06:01 GMT)