Ashtead Technology Holdings, a leading provider of subsea equipment rentals, announced a significant increase in pretax profit and revenue for the first half of the year. The company attributes this growth to continued high demand in the offshore renewables and oil and gas sectors.
- Pretax profit surged to £13.2 million, a considerable improvement compared to the previous year’s £6.9 million.
- Revenue also saw a substantial increase, rising from £31.7 million to £49.8 million.
- Offshore renewables revenue experienced an impressive 74% surge, reaching £16.3 million.
- Revenue from the offshore oil and gas sector grew by 50% to £33.5 million.
In addition to its strong financial performance, Ashtead Technology Holdings is actively seeking M&A opportunities to support its organic growth and consolidate within the fragmented market. The company aims to leverage these opportunities to further strengthen its position in the industry.
Despite expecting a moderation in year-on-year growth for the second half of the year due to the exceptional performance in the final quarter of 2022, Ashtead Technology Holdings remains confident about the future. The positive results of the first half and the overall market dynamics have increased the board’s confidence, leading it to anticipate that the company’s performance in 2023 will surpass previous expectations.