REG - Ashtead Tech Hldgs - Year End Trading Update

Ashtead Technology HoldingsAnnouncement

18/01/2022 07:05

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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 £55m,
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: +44 (0)20 3128 8540
 Peter Hewer                                  AshteadTechnology@mhpc.com
 Charlie Barker
 Robert Collett-Creedy

 Numis Securities Limited (Nomad and Broker)  Tel: +44 (0)20 7260 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").
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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