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Ashtead Technology Holdings PLC on Monday said it has swung to a profit for 2021, following its initial public offering in November last year.
Shares in the Aberdeenshire-based subsea equipment rental company were up 12% to 220.00 pence each in London on Monday morning.
Ashtead Technology began trading on London's AIM market in November last year, at a price of 162.00p per share. Shares are currently 40% ahead of this IPO price.
Ashtead Technology reported pretax profit of £3.6 million, compared to a pretax loss of £741,000 in 2020.
Further, the company said that 2021 revenue was up 32% to £55.8 million, from £42.4 million. Revenue growth was driven by increased demand from both offshore renewables and offshore oil and gas, it added.
Looking forward, Ashtead Technology said that trading in the first four months of 2022 has been strong, benefiting from ‘positive utilisation and pricing trends’. As a result the board has raised its profit expectations for financial year 2022.
Further, it recognises the importance of establishing ‘a small, progressive dividend flow’ and will consider this from 2022 onwards.
Chief Executive Allan Pirie said: ‘We have made a promising start to 2022 and look forward to an exciting future.’
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