Ashtead Technology Holdings plc a leading provider of subsea technology solutions to the global offshore energy sector, is pleased to provide an update on its financial performance for the year ended 31 December 2025.
Full year revenue is expected to be approximately £203million (2024: £168 million), with second half revenues c. 5% higher than the first half. This performance represents a year-on-year increase of c. 21%, including organic growth of 3%.
Following the acquisitions in Q4 2024, the Group has successfully completed the integration of Seatronics and J2 Subsea, achieving synergies ahead of forecast and reducing lower margin activities in the acquired businesses. Together with business mix enhancements and a continued focus on operating efficiencies across the wider Ashtead Technology business, this is expected to result in a full year adjusted EBITA margin towards the top end of the Group’s medium-term target, delivering a result for the full year slightly ahead of market profit expectations1.
A stronger trading performance in the second half, alongside improved visibility provided through the mobilisation of various longer-term projects originally delayed through H1 2025, creates improving momentum in our business as we enter 2026.
Robust balance sheet provides solid platform for further progress
Strong cash conversion resulted in Group leverage reducing to under 1.4x at the year end. Net debt is expected to improve further to below 1.0x by the end of 2026. The business will maintain its disciplined approach to capital allocation and expects to invest c. £35 million in capital expenditure during 2026 to support its customers, drive returns, and further growth.
Allan Pirie, Chief Executive Officer, commented: “We are pleased with our full-year financial performance through 2025 and have made significant progress in expanding our international footprint and widening and deepening the offering to our customers during the year. Our strong balance sheet, diversified geographical footprint, differentiated service capability, and track record of providing innovative solutions to our customers, positions us well as we enter the new financial year.
“We are focussed on executing our strategic growth plans and remain confident in the Group’s ability to generate significant value for shareholders over the medium-term.”