Aberdeenshire-based Ashtead Technology has reported a remarkable revenue surge of £58 million, translating to over £1 million in additional revenue each week. This significant growth follows the company’s strategic acquisitions of Seatronics and J2 Subsea from Acteon Group for £63 million in November 2023, as well as the earlier acquisition of Ace Winches for £53.5 million.
The company’s revenue jumped by 52%, climbing from £110 million to £168 million for the fiscal year ending December 31, 2024. This impressive increase is attributed to both organic and inorganic growth, with organic revenue rising by 14% and inorganic growth contributing approximately 39% of the total increase.
Chief Executive Allan Pirie expressed satisfaction with the results, stating: “The group finished the year larger, stronger and more capable of delivering value to our customers. This is underpinned by the breadth of our offering and the flexibility of our international operating model”.
Pirie also noted that the integration of Seatronics and J2 Subsea is progressing well, with the quality of the acquisitions exceeding expectations.
Ashtead Technology’s pre-tax profit rose by 31.1% to £36.1 million, up from £27.5 million the previous year. The company’s workforce has expanded significantly, growing from 318 employees in 2023 to 560 staff.
Looking ahead, Ashtead Technology is optimistic about its future prospects, citing strong demand fundamentals and record multi-year customer backlogs. The company is evaluating further merger and acquisition opportunities and is considering a potential move to the London Stock Exchange’s Main Market.
“We are delighted with our performance in 2024, exceeding our financial and strategic objectives,” said Pirie. “Reflecting on the strong financial performance in 2024, the record backlogs being reported by our customers and the strong growth fundamentals in our core markets, we are confident in our ongoing positive momentum. With opportunities for both continued organic growth and disciplined M&A activity, we believe that we can deliver further value creation for our shareholders moving forward”.
