Ashtead Technology Holdings PLC (AIM:AT.) has remained a buy for analysts at broker Liberum after an upbeat trading statement.
The company said it expects around £72.5mln in revenue for 2022, underlining its appeal said the broker, which has a 404.8p target price.
“Strong performance reported in H1 and Q3 2022 continued into the final quarter of the year with AT benefiting from the breadth of its asset base and service offering” added Liberum, noting the subsea technology firm benefited from a “high level of activity” from offshore energy companies.
“Benefiting from its large fleet size, buoyant offshore market activity, and an active customer base,” Liberum increased full-year revenue estimates by £2.3mln- a 30% rise from 2021.
The Bedfordshire-based company can expect “to be modestly ahead of a market consensus” of £27mln for underlying profits, the investment bank stated.
Ashtead Technology acquired two companies, Hiretech and WeSubsea, in the last quarter of 2022, adding £1mln to AT’s revenues for the year.
The equipment rental company should continue to take advantage of a “fragmented market” with many companies offering “attractive valuations”.
Ashtead Technology currently trades at 335p, up 67% in the past twelve months.