Ashtead Technology Holdings plc Year End Trading Update (7404Y)

TIDMAT.

RNS Number : 7404Y

Ashtead Technology Holdings plc

18 January 2022

18 January 2022

Ashtead Technology Holdings plc

("the Company")

YEAR END TRADING UPDATE

Strong performance for the full year following successful IPO in November 2021

Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, today provides an update on its financial performance for the year ended 31 December 2021.

The Company performed strongly throughout the year, benefitting from improving market conditions across both the Company's offshore wind and oil and gas end markets. Unaudited full year revenues are expected to be approximately GBP55m, up 30% on the prior year and ahead of the Board's previous guidance.

This outperformance was driven by both equipment rental and a higher than anticipated level of new equipment sales in the fourth quarter, driven by customer demand. Equipment rental has seen improved utilisation, and a recovery in pricing from the prior year impact of COVID-19.

The Company's margins were in line with its expectations when accounting for a slightly greater contribution from equipment sales. Accordingly, Adjusted EBITDA is expected to be modestly ahead of previous guidance with Adjusted EBITA comfortably ahead.

Allan Pirie, Chief Executive Officer, said:

"We are pleased with the full year performance which demonstrates the momentum in our business, delivering on what we set out at our IPO. We remain confident that Ashtead Technology is ideally positioned to support energy producers' transition to more renewable sources of energy and benefit from the global investment into offshore wind. We look forward to continued progress through 2022."

For further information, please contact:

 
 Ashtead Technology                                        Via Engine MHP 
 Allan Pirie, Chief Executive Officer 
 Ingrid Stewart, Chief Financial Officer 
 
 Engine 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"). In the more mature oil and gas sector, Ashtead Technology's focus is on IMR and decommissioning.

This announcement contains inside information as defined in Article 7 of the retained EU law version of the Market Abuse Regulation No 596/2014 ("UK MAR") and has been announced in accordance with the Company's obligations under Article 17 of UK MAR.

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January 18, 2022 02:00 ET (07:00 GMT)