Ashtead Technology Holdings plc Trading Update (7085Q)

TIDMAT.

RNS Number : 7085Q

Ashtead Technology Holdings plc

30 June 2022

30 June 2022

Ashtead Technology Holdings plc

("the Company")

Trading Update

Ashtead Technology Holdings plc (AIM: AT.) provides the following trading update ahead of its Annual General Meeting later today.

The Group has made an excellent start to the year as the industry benefits from an increased focus on energy transition and energy security which continues to drive utilisation and pricing. Revenues for the seasonally weaker H1 2022 are expected to be no less than GBP31m, representing growth of at least 25% on H1 2021, which was still impacted by the Covid pandemic. The EBITA margin for the period is expected to be higher than prior year and in line with the Board's expectations.

The Group will provide further details on its performance in its 2022 half-year results statement, which it expects to issue in September.

Allan Pirie, Chief Executive, commented:

"We are pleased with the financial performance of the Group in the first half of the year. The business is well placed to continue benefitting from current market conditions during the second half of 2022 as we also seek to continue our focus on operational excellence, and further capitalise on the fungibility of our industry-leading rental fleet to support both oil and gas and renewables markets."

For further information, please contact:

 
 Ashtead Technology                      (Via Vigo Consulting) 
  Allan Pirie, Chief Executive Officer 
  Ingrid Stewart, Chief Financial 
  Officer 
 Vigo Consulting (financial PR)          Tel: [phone] 
  Patrick d'Ancona                        0230 
  Finlay Thomson 
 Numis Securities Limited (Nomad         Tel: [phone] 
  and Broker)                             1000 
  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.

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June 30, 2022 02:00 ET (06:00 GMT)