By Anthony O. Goriainoff
Ashtead Technology Holdings first-half pretax profit and revenue rose, driven by continued high demand in both offshore renewables and oil and, the subsea equipment-rental provider said Monday.
The London-listed company said pretax profit was 13.2 million pounds ($16.6 million) compared with GBP6.9 million the year prior, while revenue rose to GBP49.8 million from GBP31.7 million.
Offshore renewables revenue rose 74% to GBP16.3 million, with offshore oil and gas revenue up 50% to GBP33.5 million.
The company said it continues reviewing M&A opportunities to complement organic growth and consolidate a highly-fragmented market.
“Given the unseasonal strength of the final quarter of 2022 we expect year-on-year growth to moderate in the second half. Our first half results and positive end market dynamics give the board increased confidence in the outlook for the business and we expect 2023’s outturn to be comfortably ahead of our previous expectations,” Chief Executive Allan Pirie said.
Write to Anthony O. Goriainoff at [email protected]
Corrections & Amplifications
This was corrected at 1309 GMT because the original version omitted the currency for the offshore and gas revenue figure of 33.5 million. The figure with currency is GBP33.5 million.
Ashtead Technology’s offshore oil and gas revenue was GBP33.5 million. “Ashtead Technology Pretax Profit, Revenue Rose on High Demand,” at 0701 GMT, omitted the currency.
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