Ashtead Technology has posted a strong set of half-year results, with revenues climbing more than 23% to £99.1million in the six months to 30 June 2025.
The subsea technology specialist – which supports both oil and gas and offshore renewables projects – said adjusted EBITA rose nearly 20% year-on-year to £27million, maintaining a margin of 27.3%.
Earnings growth was driven by a blend of organic expansion and contributions from acquisitions, with oil and gas generating £73.7million in revenues and renewables £25.4million. Net cash from operating activities more than doubled to £21.1million.
Chief executive Allan Pirie said the company had delivered profitability despite market headwinds, with delayed projects now mobilising and customer backlogs at record levels. He added this underpinned confidence in further growth during the second half.
The company has also confirmed it will move from AIM to the London Stock Exchange’s Main Market on 6th October 2025. The board said the switch will provide greater liquidity and access to international investors as it pursues its next phase of growth.
Mr Pirie added: “Following our previous announcements and after extensive shareholder consultation, the Board is pleased to confirm its intention to move the Company's listing to the Main Market of the London Stock Exchange expected on 6 October 2025.
"The Board believes that the greater liquidity and broader access to international investors offered by the Main Market will provide an excellent platform for the next phase of Ashtead Technology's growth strategy implementation."
Operationally, the business completed integration of its Seatronics and J2 Subsea acquisitions, opened a new facility in Houston, and expanded its robotics operations in Norway, all of which are trading ahead of expectations.