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Ashtead Technology Holdings PLC shares jumped on Monday, as it said it expects to ‘materially outperform’ its previous expectations for 2022.
Shares in the Aberdeenshire-based subsea equipment rental firm were up 8.4% to 270.00 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 67% ahead of this IPO price.
Ashtead said it has continued to benefit from increasing strength across its geographical markets, resulting in higher cost utilisation and pricing compared to the prior year.
It added that trade has also been supported by the ‘continued positive market outlook’ and favourable exchange rates across its international business.
Based on these factors, it now expects 2022 profit and revenue to ‘materially outperform’ previous expectations.
In 2021, Ashtead Technology swung to a pretax profit of £3.6 million, from a loss of £741,000 in 2020. Revenue was up 32% to £55.8 million from £42.4 million.
Chief Executive Allan Pirie said on Monday: ‘I am pleased to report that the strong growth we witnessed in H1 of this year has continued into the third quarter. As a result, the board is confident that we will achieve full year revenues and profits materially ahead of current market expectations.’
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