Ashtead Technology Holdings PLC (AIM:AT.) said it put in a strong performance in 2024 despite the uncertainties surrounding offshore oil and gas exploration.
Profits will come in ahead of market forecasts as demand for subsea rental and services picked up towards the end of the year, said the AIM-listed group.
New US President Donald Trump has already lifted restrictions on offshore US exploration following his “Drill, baby, drill” pre-election promise and Ashtead said the outlook for 2025 was encouraging.
“A strong trading end to 2024, ongoing market demand and record customer backlogs provide confidence that growth will continue through 2025 in line with previous guidance,” said the statement.
Unaudited full-year revenues for 2024 are projected to be around £168 million, against consensus of £167 million, with full-year underlying profit [adjusted EBITA] also to beat consensus of £46.6 million.
Allan Pirie, chief executive added: “The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth.
“With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence, we remain confident in the group's ability to generate substantial long-term value for shareholders."
Shares rose 6% to 591p.