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Ashtead Technology's revenue increased 23.2% to £99.1 million in HY25, driven by acquisitions and rental activities.
Adjusted EBITA margin rose to 27.3%, with adjusted EPS growth of 14.5%.
Move to the London Stock Exchange Main Market expected on 6 October 2025.
Ashtead Technology Holdings plc, a global provider of subsea technology solutions for the offshore energy sector, has announced its unaudited results for the six months ended 30 June 2025 (“HY25”). The period delivered double-digit revenue growth, supported by recent acquisitions, high-quality rental activities, and expansion across oil, gas, and renewables markets.
Financial Performance
Group revenue for the first half of 2025 increased by 23.2% to £99.1 million, reflecting 22.7% inorganic growth following recent acquisitions, 1.3% organic growth, and a -0.8% foreign exchange impact.
Ashtead Technology reported an adjusted EBITA margin of 27.3%, supported by its focus on rental services and operational efficiencies. The Group generated revenues of £73.7 million from oil and gas markets and £25.4 million from renewables, demonstrating a balanced contribution from both sectors.
Earnings performance remained robust with adjusted EPS rising 14.5%, while cash generation also improved. Net cash from operating activities reached £21.1 million, up from £9.7 million in HY24. The Group’s return on invested capital (ROIC) stood at 24.2%, significantly above its cost of capital.
Ashtead Technology continues to strengthen its balance sheet, targeting a proforma net debt to adjusted EBITDA leverage of 1.4x by the end of FY25.
Operational Progress
The Group successfully integrated its Seatronics and J2 Subsea acquisitions, completed in November 2024, delivering operational synergies ahead of expectations.
Investments have been made in talent, technology, and geographical expansion to support future growth. Key developments during the period included:
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Senior leadership appointments across Mechanical Solutions, IT, and QHSE functions.
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Capital expenditure in technology to enhance its subsea solutions portfolio.
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Expansion of Mechanical Solutions in the US, with a new facility in Houston to strengthen Lifting, Pulling, and Deployment services in the region.
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Growth in Norway, where the Group’s Survey and Robotics operations traded ahead of expectations.
Outlook
The Board confirmed that expectations remain aligned with the trading update issued on 17 July 2025. Ashtead Technology continues to benefit from long-term demand drivers in the offshore energy sector, with Rystad Energy forecasting 8% compound annual growth (CAGR) in the Group’s addressable market between 2024 and 2028.
The Group’s confidence in its medium-term outlook is underpinned by customers’ significant project backlogs. In addition, Ashtead Technology confirmed that it expects to transition from AIM to the London Stock Exchange Main Market on 6 October 2025.
