LONDON (ShareCast) - (Sharecast News) - Subsea equipment rental specialist Ashtead Technology said in an update on Monday that the "strong performance" it reported in the first half and third quarter of 2022 continued into the final quarter of the year, as it benefited from the breadth of its asset base and service offering, and high levels of activity across both the offshore wind and oil and gas markets.
The AIM-traded firm said that performance contributed to the extension of a number of projects and new contract wins, leading to the business trading strongly through the normally-quieter final three months of the year.

Unaudited full-year revenues were expected to be around £72.5m - up 30% on the prior year on a reported basis.

WeSubsea and Hiretech, both of which the company acquired in the fourth quarter, contributed a combined £1m to reported revenues in 2022.

Excluding acquisitions, revenue growth was around 28%, including 6% growth from favourable foreign exchange rates.

The company said its margins had benefited from "strong" pricing and utilisation, and were expected to be ahead of market consensus and the first half.

As a result, adjusted EBITDA was set to be "modestly ahead", with adjusted EBITA "comfortably ahead" of market consensus.

"We are pleased with our full year financial performance and continue to deliver on the expectations and opportunities set out at [the] initial public offering," said chief executive officer Allan Pirie.

"In addition to the organic growth achieved, we are delighted to have closed on two successful acquisitions during the year, both of which support us in our goal to provide a wider offering to our customers both in the renewables and oil and gas markets.

"We look forward to continued progress through 2023."

At 1526 GMT, shares in Ashtead Technology Holdings were down 0.3% at 334p.

Reporting by Josh White for Sharecast.com.

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