Aberdeen’s Ashtead Technology Sees ‘Strong’ 2024 Performance
Ashtead Technology, a leading subsea equipment rental specialist in Aberdeen, is gaining momentum with impressive financial results in 2024. Under the leadership of CEO Allan Pirie, the company’s projected revenue of £168 million represents a 52% increase from last year’s figures, surpassing market expectations.
The company’s strategic acquisitions, including Seatronics and J2 Subsea, have significantly expanded its capabilities and are expected to drive further growth. According to Allan Pirie, CEO of Ashtead Technology, “The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth. With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence, we remain confident in the Group’s ability to generate substantial long-term value for shareholders.”.
Ashtead Technology’s performance in the first half of 2024 was also robust, with a 61.4% increase in year-on-year revenue and earnings before tax standing at £22.6 million, an increase of over 45% compared to 2023’s figures.
The company remains optimistic about its future prospects, driven by strong demand for its services and record customer backlogs. As Pirie noted, “A strong trading end to 2024, ongoing market demand and record customer backlogs provides confidence that growth will continue through 2025 in line with previous guidance.”.
Growth Powers Strong Market Position
Aberdeen-based Ashtead Technology, a leading subsea equipment rental company, has reported impressive financial results for 2024, with expected revenue reaching £168 million—a significant 52% increase from £110.5 million in 2023. This performance surpasses the analyst consensus of £167 million, underscoring the company’s robust growth and market position.
The company’s strong trading at the end of 2024, ongoing demand, and record customer backlogs provide confidence that growth will continue into 2025, aligning with previous guidance.
According to CEO Allan Pirie, “The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth. With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence, we remain confident in the Group’s ability to generate substantial long-term value for shareholders.”
The market responded positively to the announcement, with shares rising 9.5% on Thursday morning.
Furthermore, Ashtead Technology anticipates its full-year adjusted EBITA to be ahead of the consensus forecast of £46.6 million, further evidence of its strong financial performance.
The company’s growth trajectory is expected to extend into 2025, supported by consistent market demand and the positive contributions from recent acquisitions.