Ashtead Technology Holdings PLC (AIM:AT.) said underlying profits for 2021 be will ahead of guidance after revenue grew 30% to £55mln.
In a trading statement, the subsea equipment rental company which floated on AIM in November, said market conditions improved in both the offshore wind and oil and gas end-markets.
Revenue growth was driven by strong demand for equipment rental and higher-than-expected sales of new equipment in the fourth quarter, with pricing recovering from the impact of Coronavirus (COVID-19) the year before.
Adjusted EBITDA is expected to be modestly ahead of previous guidance with adjusted EBITA comfortably ahead, the company said.
"We are pleased with the full-year performance which demonstrates the momentum in our business, delivering on what we set out at our IPO,” commented chief executive Allan Pirie.
“We remain confident that Ashtead Technology is ideally positioned to support energy producers' transition to more renewable sources of energy and benefit from the global investment into offshore wind. We look forward to continued progress through 2022."