Ashtead Technology Holdings PLC (AIM:AT.) reported strong growth in revenue and profit for the first half of the year, driven by high demand in offshore renewables and oil & gas sectors.
The subsea equipment services group grew sales 61.4% to £80.5 million, with organic growth of 16% and the rest from the acquisition of ACE Winches completed in the second half of 2023.
Offshore renewables revenue increased 42% to £23.1 million and offshore oil & gas by 71% to £57.3 million.
Underlying profits (EBITDA) swelled 48.6% to £31.4 million, while statutory profit before tax was up 33.3% to £17.6 million.
The board said mergers and acquisitions continue to be a "key element of the strategy as we focus on broadening both our product and services offering, and our geographic exposure".
Guidance for the full year was unchanged.