26th Aug 2025 09:50
(Alliance News) - Ashtead Technology Holdings PLC on Tuesday confirmed plans to move its share listing as it said the integration of recent acquisitions was delivering synergies faster than hoped.
In response, shares in the Aberdeenshire, Scotland-based subsea equipment rental company shot up 9.1% to 375.44 pence each in London on Tuesday morning. The stock hit an intraday high of 393.00p. They remain down 50% in the past 12 months.
Pretax profit edged up 0.8% to GBP17.8 million in the six months that ended June 30 from GBP17.6 million a year prior. Basic earnings per share grew 3.0% to 17.2 pence from 16.7p.
Revenue jumped 23% to GBP99.1 million from GBP80.4 million, with organic growth of 1.3%.
Ashtead Technology said the integration of Seatronics and J2 Subsea acquisitions completed last November have delivered higher operational synergies quicker than initially expected.
Chief Executive Allan Pirie said the company continued to deliver "strong profitability and year-on-year growth despite some market and geopolitical headwinds" during the period.
"While this business environment somewhat tempered activity and led to a slower seasonal ramp up of revenues through Q2, we have been able to continue to strengthen our business, execute on our long-term strategy and focus on driving enhanced quality of earnings," he said.
Key projects delayed by customers in the first half have now "mobilised giving us additional confidence in delivering growth in the second half," Pirie noted.
Looking ahead, Pirie said: "We remain confident in our ability to execute on our strategy and based on current trading levels and market outlook through the remainder of the year, we are confident of delivering an outturn in line with the board's expectations."
In addition, Ashtead Technology confirmed its intention to move the company's listing to the London Main Market from AIM in October.
"Once complete, the board believes that the greater liquidity and broader access to international investors offered by the Main Market will provide an excellent platform for the next phase of Ashtead Technology's growth strategy implementation," the company said in a statement.
The listing change is expected to take effect from October 6.
No interim dividend was declared, unchanged year-on-year.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares: