Ashtead Technology Holdings PLC (AIM:AT.) saw its shares rise as the UK-based subsea equipment rental and solutions provider reported a 31% increase in group revenue to £73.1mln for full-year 2022, boosted by organic growth, favourable foreign exchange rates and M&A.
The group saw revenue from offshore renewables and offshore oil and gas markets increase by 22% and 35%, respectively, while gross profit rose 34% to £54.3mln and adjusted EBITA grew by 47% to £20.1mln.
In the results statement, Allan Pirie, CEO of Ashtead Technology commented: "We believe we are well-positioned to exploit the many growth opportunities that lie before us in 2023 and beyond, driven by higher activity levels across both oil and gas and offshore renewables markets."
Around 9.00am, Ashtead Technology shares were up 5.2% at 363p.