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Ashtead Technology Holdings PLC on Monday hailed the performances of two acquisitions, Hiretech and WeSubsea, as it reported a surge in half-year profit.
The Bedfordshire, England-based company profits subsea equipment rental for the offshore energy sector.
Pretax profit surged 92% to £13.2 million in the six months that ended June 30 from £6.9 million a year before, as revenue climbed 57% to £49.8 million from £31.7 million.
Ashtead Technology declared no interim dividend, unchanged from a year before, citing acquisition opportunities in its pipeline.
Ashtead Technology paid its first dividend as a listed company as a final dividend for 2022, and it said on Monday it plans to continue its ‘small, progressive dividend policy’ as part of its full-year results for 2023.
Chief Executive Officer Allan Pirie said: ‘We have continued to see positive momentum through the first half of 2023 with the group benefiting from our strategic investment in people and equipment, together with further increases to both utilisation and pricing.
‘Our recent acquisitions of Hiretech and WeSubsea have performed ahead of our expectations and we are benefitting from our increased breadth of capabilities.’ Ashtead Technology bought equipment rental and maintenance firm HireTech for £20 million in December, and specialist in subsea dredging technology solutions WeSubsea AS for about £5.6 million in September 2022.
Looking ahead, Ashtead Technology expects to be ‘comfortably ahead of its previous expectations’ for the rest of 2023.
Shares were 4.6% higher at 409.97 pence each on Monday morning in London. The AIM listing is up 57% over the past 12 months.
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