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AT Ashtead Technology Holdings plc

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Date Time Title Posts
27/5/200314:48Altracel, for the brave but what a prospect!-
06/2/200213:05AT Trades2

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Posted at 30/11/2023 12:07 by sogoesit
IC implied forward P/E is about 17.5 (and 15.7 at today's sp).
Looking at the company's growth rates this results in a PEG well below 1.00.
So, in my view, 17.5 is still under-rating this stock.
Posted at 30/11/2023 07:05 by bigbigdave
30 November 2023

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

Acquisition of ACE Winches

Ashtead Technology acquires ACE Winches

Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to announce the acquisition of the entire share capital of Rathmay Limited, the parent company of ACE Winches, from its founders Alfie and Valerie Cheyne, for a total cash consideration of £53.5m (on a cash and debt free basis) (the "Transaction").

The Transaction will be funded through drawing on the Group's revolving credit facility and is expected to be materially earnings enhancing in FY2024 and beyond, with ROIC materially ahead of the Group's weighted average cost of capital in year one.

About ACE Winches

Established in 1992, UK headquartered ACE Winches is a market-leader in the design, assembly and rental of lifting, pulling and deployment solutions. The company's core offering supports the installation, inspection, maintenance & repair and decommissioning of offshore energy infrastructure which is highly complementary to Ashtead Technology's existing equipment and services portfolio.

Through a combination of its comprehensive rental fleet and 31 years of proven engineering experience and expertise, ACE Winches has built up an unrivalled reputation amongst its traditional oil and gas customers and has more recently seen success in expanding into the offshore renewables market. The company's in-house designed and assembled equipment rental fleet is one of the most comprehensive and diverse ranges of back deck machinery in the industry and is designed to deliver reliable, fully integrated solutions to address all complex lifting, pulling and deployment challenges.

With nearly 80 per cent. of ACE Winches' revenue generated outside of the UK, supported by operations in Norway and sales offices in the UAE and USA, the acquisition offers a significant opportunity for Ashtead Technology to further expand its global offering across its existing international footprint. ACE Winches is Ashtead Technology's eighth acquisition in the last six years and follows the Group's acquisitions of WeSubsea and Hiretech, in 2022.

ACE Winches will form part of the Group's enlarged Mechanical Solutions offering, a core area of focus for inorganic expansion. Gary Wilson, current Chief Commercial Officer at ACE Winches will run the day to day operations reporting to Ashtead Technology management with founder, Alfie Cheyne, remaining with the business as an advisor for 12 months to provide strategic and commercial input through a handover and integration period.

As at 31 March 2023, ACE Winches reported gross assets of £55.7m and for the 12 months to December 2023 ACE Winches is expected to generate revenues of c. £43.4m, adjusted EBITDA of £13.7m and adjusted EBITA of £10.0m. Organic growth rates for the enlarged Group are expected to be in line with previous medium term guidance. Pro forma leverage for the enlarged Group as at 31 December 2023 is expected to be less than 1.4x, with the Group de-leveraging to less than 1x by December 2024.

Current Trading

The Board continues to be very encouraged by the Group's performance through H2 2023 and now expects FY23 to be comfortably ahead of its previous expectations before taking into account the additional growth from ACE Winches.
Posted at 20/11/2023 12:20 by dicktrade
Very pleasantly surprised by the strength in AT. this morning, no obvious reason news or buying wise but share price has made an intraday high, lets hope it closes no lower and consolidates the breakout.
Posted at 26/9/2023 09:57 by sogoesit
"... appropriate level"

I put this into my AI spreadsheet and it spat out the following:

Depending on the valuation methodology.
Maybe EPS won't grow at 77% in the coming year but, following revenue growth last half of 57% it could grow at 50%+.

My AI said:
"It can be difficult to value growth stocks but we can answer your question if you upgrade to our monthly Pro subscription."

Certainly the last UK Windy Auction was a complete and utter dud but there are stories that the life cycle of offshore wind turbines is a lot lower than previously thought. This means that either maintenance will increase or work to completely replace the crop with new plants on the wind farm will have to take place sooner rather than later. (They're not called "farms" without a reason!).
Posted at 25/8/2023 06:02 by bigbigdave
25 August 2023

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

Notice of Results


Analyst and Investor Presentations

Ashtead Technology (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector , will announce its results for the half year ended 30 June 2023 on Monday, 4 September 2023.

Analyst briefing

A briefing call for sell-side analysts will be held on Monday, 4 September 2023 at 8.00 a.m. BST. If you are a sell-side analyst and would like to join the call, please email to register.

Retail investor presentation

Ashtead Technology management will also host a presentation and Q&A for retail investors on Friday, 8 September 2023 at 2.00 p.m. BST to discuss the company's half year results.

The presentation will be hosted on the Investor Meet Company platform and is open to all existing and potential shareholders. Questions can be submitted online in advance or at any time during the live presentation.
Posted at 03/5/2023 06:04 by bigbigdave
Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, announces its full-year results for the period ended 31 December 2022.


Financial Results

· Group revenue up 31% to £73.1m (2021: £55.8m), primarily driven by organic growth (23.7%) favourable FX rates (c.5.5%) and M&A (1.7%).

· Revenues from offshore renewables and offshore oil and gas markets up 22% and 35%, respectively.

· Gross profit up 34% to £54.3m (2021: £40.5m), with gross margin of 74% (2021: 73%), benefitting from increased pricing and utilisation.

· Adjusted EBITA1 increased 47% to £20.1m (2021: £13.7m), with an Adjusted EBITA1 margin of 28% (2021: 25%).

· Adjusted earnings per share of 19.6p (2021: 13.2p) and basic earnings per share of 15.9p (2021: 3.6p).

· ROIC of 21% for the period (2021: 17%).

· RCF refinanced and increased in April 2023 to £100m (plus accordion of £50m) to support growth opportunities.

· Final dividend of 1p per share recommended.

Operational Highlights

· Meaningfully expanded operational capabilities and technical expertise through bolt-on acquisitions in H2:

o Hiretech, completed December 2022, adding a multi-purpose fleet of marine and subsea equipment rental assets and skilled personnel

o WeSubsea, completed September 2022, providing high performance, in-house designed dredge systems to complement existing product and service offering

· Continued to invest in high-quality equipment rental fleet, increasing number of items from 17,000 to over 19,000 through organic investment (£13.1 million capex in our equipment rental fleet), as well as WeSubsea and Hiretech acquisitions.

· Employee headcount 260 at year end, up from 204, with business continuing to scale up to support future growth.

· New senior leadership appointments to grow international footprint and bolster technical capabilities across our services.

· Strong progress towards sustainability goals - increased revenues from offshore renewables, secured ISO14001 environmental management certification.


· Market outlook remains strong, with customer backlogs at record levels. Demand remained high in Q1 2023 across both offshore oil and gas and offshore renewables markets with pricing and utilisation continuing to track upwards.

· Inflationary pressures remain, but increased pricing is expected to continue to offset impact on the business.

· The Board remains confident in the business' near and medium-term prospects and is focused on leveraging its market position and offering to drive further progress.

· Given the performance to date, the Board expects the outturn for the full year to be materially ahead of its previous expectations.

Allan Pirie, Chief Executive Officer, commented:

"This has been a very successful and busy year for Ashtead Technology. We believe we are well-positioned to exploit the many growth opportunities that lie before us in 2023 and beyond, driven by higher activity levels across both oil and gas and offshore renewables markets. With a full year's benefit of our two recent acquisitions, coupled with enhanced financial firepower, we will look to further expand our offering whilst continuing to grow within our existing markets."
Posted at 06/3/2023 10:42 by zho
From Citywire on Friday:

Berenberg: More scale to come from Ashtead Technology

Berenberg believes Ashtead Technology (AT) is well liked by investors but there is further scope to scale up the subsea equipment rental group.

Analyst Robert Chantry retained his ‘buy’ recommendation and target price of 405p. The stock gained 1.7% to 303p.

He initiated coverage at the beginning of February and has since spoken with more than 80 investors about the stock.

‘A majority believe that the combination of a supportive energy market backdrop and exposure to the offshore renewables market should underpin strong organic growth, with high margins, the potential for additional [mergers and acquisitions], and a strong management team ticking a lot of boxes,’ he said.

However, he said there were ‘pushbacks and questions’, mostly around energy markets, the degree of demand cyclicality, and the propensity to rent rather than own equipment in the space.

‘Overall, this feedback suggests the company is well liked by investors, but there is further to go in terms of the scale of the business and in the articulation of the investment narrative,’ he said.
Posted at 19/1/2023 16:41 by whittler100
I agree with Carcosa’s comments above.

A few quick scribbles on AT. placings

On the last two secondary placings. July 22 (10m shares placed @ 200p) & Nov 22 (4.8m placed @260p), on both occasions they were placed at around a 14% discount to the previous day’s closing price. Maybe it’s a sign of appetite for AT. that this placing was successful at only a 6% discount to yesterday’s (18/01/22) close price. The 18/01 RNS said “BP Bidco has indicated an intention to sell at least 11m shares”; it rather seems that the appetite for the share was strong as they actually placed 15m shares rather than the 11m; that’s the largest placing by some distance & interestingly at the lowest discount, 6%. Following this sale, BP Bidco will only hold 7m shares = 9% of co; so, the original pair that owned the AT. prior to flotation will be totally out shortly assuming we see another BP Bidco placing in the next few months post-lock-in period. IMO this is possibly a good thing making the stock easier to trade. Note the CEO placed 425k shares (previous to placing held 2.17m) & the CFO 35k shares (previous to placing held 301k)

Note: the CEO has some easy LTIP awards coming his way over the next couple of years 406k (almost matching his placing and the CFO 257k coming her way (IMO already money in the bank as the targets for the awards are in my view easy). So, both the CEO & CFO retain plenty of skin in the game with some LTIP to be awarded shortly.

So, was today a buying opportunity? In truth, who knows but IMO AT. has a touch of right time /right place about the business.

BP Bidco will almost certainly place again in the next few months once past the lock-in; so if AT. is still trading well, possibly another little buying opportunity.

Remember as Carcosa said above, there is no dilution and the number of shares in AT. is currently unchanged plus we should see improved liquidity.
Posted at 09/9/2022 04:34 by tenapen
Ashtead Technology Holdings plc

08 September 2022

Ashtead Technology Holdings plc

Retail Investor Presentation

Ashtead Technology, the international subsea rental equipment and solutions specialist, will host a presentation and Q&A for retail investors on Tuesday, 13 September 2022 at 3.30pm BST to discuss the company's half year results, which were issued on 5 September 2022.

The presentation will be hosted on the Investor Meet Company platform and is open to all existing and potential shareholders. Questions can be submitted online in advance or at any time during the live presentation.

To sign up to Investor Meet Company for free and register for the presentation, please click the following link:



Open Day today

Ashtead Technology is hosting an Open Day and Technology Showcase at its Westhill facility in Aberdeenshire on 9th September.

As a fully integrated subsea technology solutions provider, we have significantly strengthened our subsea equipment and services portfolio to support our customers’ evolving requirements.

We invite you to join us on the day to explore our business more and see how we can add value to your projects.

Date: Friday 9th September 2022 (drop in 11am to 3pm)

Location: Ashtead House, Discovery Drive, Westhill, AB32 6FG
Posted at 23/11/2021 12:15 by hedgehog 100
Current share price 4th. November 2021: 162p
Market capitalisation: £128.9M.

"We are Ashtead Technology, underwater technology solutions experts

Supporting the global offshore energy sector since 1985

Ashtead Technology is a leading international subsea equipment rental and solutions provider for the global offshore energy sector.

Through our three service lines – survey & robotics, mechanical solutions and asset integrity – we provide specialist equipment, advanced-technologies and services to support our customers’ renewable energy and later-life oil & gas projects."

Ashtead Tech Hldgs Placing and Proposed Admission to Trading on AIM
RNS Number : 8670S Ashtead Technology Holdings plc 18 November 2021

"Ashtead Technology Holdings plc, a leading subsea equipment rental and solutions provider for the global offshore energy sector, announces its proposed admission to trading on AIM ("Admission") and its successful placing, conditional on Admission, (the "Placing") of 9,582,000 new ordinary shares (the "New Ordinary Shares") and 22,250,800 existing ordinary shares (the "Sale Shares") of 5 pence each in the capital of the Company (the "Shares") both at a price of 162 pence per Share (the "Placing Price").

The Company has applied for Admission and will publish its AIM Admission Document today. The full terms and conditions of the Placing and Admission will be set out in the Admission Document.


· Based on the Placing Price, the market capitalisation of the Company will be approximately £128.9 million on Admission.

· On Admission, the Company will have 79,582,000 Shares in issue and a free float of 40 per cent.

· The Placing attracted strong support from high quality institutional investors.

· The Placing of 9,582,000 New Shares is expected to raise gross proceeds of £15.5 million for the Company. The net proceeds will be used to reduce the Group's indebtedness, providing capacity for the Group to continue its clear and focused bolt-on acquisition strategy.

· The Board is confident that Admission will provide a strong, long-term platform for future growth and allow the management team to deliver low double-digit organic revenue growth augmented by further bolt-on acquisitions.

· Admission and commencement of dealings on AIM are expected to take place at 08:00 a.m. on 23 November 2021 under the ticker "AT.".

· The Company's ISIN is GB00BLH42507 and its SEDOL is BLH4250.

· Numis Securities Limited ("Numis") is acting as Nominated Adviser, Sole Bookrunner and Broker in connection with the Admission.

Allan Pirie, Chief Executive Officer, commented:

"We have been delighted with the strong reception to our IPO from institutional investors. With a market leading position in subsea equipment rental and solutions, we are ideally positioned to continue supporting energy producers as they transition towards more renewable sources of energy and global investment into offshore wind continues apace. As a newly listed company we look forward to further capitalising on these growth opportunities by strengthening our product and service offering, extending our geographic footprint and pursuing further complementary acquisitions." ..."

23/11/2021 07:00 UK Regulatory (RNS & others) Ashtead Technology Holdings plc Admission to AIM and First Day of Dealings LSE:AT. Ashtead Technology Holdings Plc

"Ashtead Technology Holdings plc, a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to announce the admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange. Admission will take place and dealings will commence at 8.00 a.m. today under the ticker "AT." and ISIN GB00BLH42507.

The Company's Admission Document is available to view on the Company's website at hxxps:// .

Numis Securities Limited is acting as Nominated Adviser and Sole Bookrunner in relation to Admission.

Allan Pirie, Chief Executive Officer, commented:

"Today marks another exciting milestone in the evolution of Ashtead Technology. As a newly listed company, we plan to continue to grow and strengthen our core business in subsea technology rental and solutions both organically and through acquisition further broadening our range of complementary equipment and services and expanding our geographic presence. We are delighted to welcome our new shareholders and look forward to serving them as we continue to execute our growth strategy." ... "
Ashtead Technology share price data is direct from the London Stock Exchange

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