Ashtead Technology Holdings shares tumbled more than 15% after project delays would leave its 2026 revenue and adjusted EBITA below market expectations.
The subsea technology group now expects full-year revenue to be around 5% below current market consensus, while adjusted EBITA is forecast to come in around 15% below consensus.
The shares fell from Wednesday’s 428.5p close to around 363p, wiping approximately 65.5p from the price in early morning trade.
Ashtead says the continued conflict in the Middle East had resulted in several projects previously scheduled for the second half of 2026 being postponed until 2027.
Broader economic uncertainty and changes to vessel scheduling have also caused delays to projects, particularly in Europe and the Americas.
The company had warned in a trading update on 15 July that meeting full-year market expectations depended on an easing of the Middle East conflict and no major changes to project schedules.
It said the deferral of rental revenue would also negatively affect the group’s revenue mix during 2026. Combined with the operating leverage in the business, this is expected to result in lower margins.
Despite the weaker near-term profit outlook, Ashtead's balance sheet remained strong, with leverage expected to be around 1.3 times at the end of the year.
The board said continued customer backlog and an increased focus on energy security supported its confidence in the group’s longer-term growth strategy.
