ASHTEAD Technology Holdings plc, a leading Aberdeen-based 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 – its first since its £129m AIM IPO on 23 November.
The Company performed strongly throughout the year, benefitting from improving market conditions in offshore wind and oil and gas 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. Adjusted EBITDA is expected to be modestly ahead of previous guidance with Adjusted EBITA comfortably ahead.
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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.
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.”
