Ashtead Technology Holdings plc
15 July 2026
15 July 2026
Ashtead Technology Holdings plc
("Ashtead Technology" or the "Group")
Half Year Trading Update
Ashtead Technology Holdings plc (LSE: AT.), a leading provider of subsea technology solutions to the global offshore energy sector, provides an update on trading for the six months ended 30 June 2026 and confirms comfort with full year market expectations1.
Half year trading
The first half of the year has seen continued revenue growth despite challenging markets. Agile project execution and strict cost-control measures have offset the impact of delays to our clients' project activities due to conflict in the Middle East and weaker renewables activities in Taiwan.
The Group delivered revenues of approximately £100.2m in the first half of 2026, representing growth of c.1% over the prior year period.
Adjusted EBITDA margin for the period is expected to be c.37.8% (H1 2025: 38.7%) with resultant EBITA margin of c.25.0% (H1 2025: 27.3%), marginally lower than prior year due to the revenue impact from lower rental activity in the Middle East and Asia, and an overall higher proportion of lower margin, non-rental revenues, linked to project scheduling. Margins are anticipated to strengthen during the seasonally stronger second half, with full year EBITA margin percentage target remaining in the high twenties.
Acquisition and balance sheet
On 19 June 2026, the Group acquired Seadraulics, a small and highly respected ROV tooling business based in Perth, Australia. Seadraulics' annual revenues are <£1m and this acquisition will act as a platform to expand our full-service capability in Perth, serving the Australian market through enhanced innovation, specialist expertise and integrated solutions.
After the acquisition of Seadraulics and net capex spend of £24m in the first half, the Group expects to report leverage2 as of 30 June 2026 of 1.4x, and year end leverage is expected to be <1.0x.
Outlook
Throughout the remainder of the year the Group will remain focused on project delivery and strategic growth initiatives. The impact of the geopolitical tension in the Middle East continues to be monitored closely and the Group is working with its customers and partners in the region to manage changing vessel schedules and project priorities. Assuming that the disruption associated with the Middle East conflict eases through the second half, and there are no major changes to project scheduling, the Board is comfortable with full year market expectations.
An increased focus on energy security coupled with continued strong customer backlog underpins the Board's confidence in Ashtead Technology's medium-term growth. The Board remains confident in the Group's ability to execute on its strategy given market fundamentals, its balance sheet strength, and continued focus on growing both organically and through complementary acquisitions to increase the Group's scale, service offering and geographical breadth.
Notice of results
The Group expects to publish its results for the six months ended 30 June 2026 on 1 September 2026.
1 Company compiled analyst consensus can be found in the investor section of the Company's website Analyst consensus - Ashtead Technology
2 Leverage is defined as net debt divided by LTM Adjusted Proforma EBITDA
-Ends-
For further information, please contact:
|
Ashtead Technology Allan Pirie, Chief Executive Officer Ingrid Stewart, Chief Financial Officer |
(Via DGA Group) |
|
DGA Group (Financial PR) Jonathon Brill James Styles |
Tel: +44 (0)7566 794 033 ashteadtechnology@dgagroup.com |
Notes to editors:
Ashtead Technology is a leading subsea technology solutions provider to the global offshore energy sector. Ashtead Technology's technical expertise and technologies enable its customers to understand the subsea environment and manage offshore energy production infrastructure. Ashtead Technology operates globally, servicing customers from its facilities located in key offshore energy hubs. To learn more, please visit www.ashtead-technology.com
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