The update from Ashtead Technology Holdings PLC (AIM:AT.) on Tuesday morning, confirming its move from AIM to London's main board and solid first-half results, will be reassuring to investors, said analysts.
However, analysts at Stifel said they do not expect to materially change their estimates following these results.
Stifel retained its 'buy' rating and 600p target price.
House broker Peel Hunt said the first-half performance was consistent with the previous update in July, with pre-tax profit up 10% and revenues rising 23%, with growth across both oil & gas and renewables markets.
Organic revenue growth of 1.3% reflects previously flagged second-quarter market challenges and management actions.
The EBITA margin remained "resilient" at 27.3%, the broker felt, compared with 28.2% a year ago, despite rising capex.
Strong cash generation supported deleveraging to 1.6x versus the 1-2x target and down from 1.8x at the end of December.
Management confirmed no changes to the outlook, with updated industry forecasts of 8% CAGR for 2024-28 addressable market growth, while customer backlogs support "continued organic growth, in our view", Peel Hunt said.
"We believe investors will welcome the trading reassurance, reiteration of the growth outlook, and confirmation of the move to the main market (expected 6 October)."