Ashtead Technology has topped £100million in revenue in the first half of the year in a "resilient" performance despite the "challenging market backdrop" of conflict in the Middle East.
Publishing its unaudited results this morning for the six months to June 30, Ashtead Technology revealed that despite revenue rising 1.1% to £100.2million (up from £99.1million in H1 2025), operating profit fell 5.9% to £21.8million.
The increase in revenue is attributed to a "solid performance" in Europe, offset by the impact of the Middle East conflict, project delays and softer offshore renewables activity in Asia.
Oil and gas revenues were up 1.9%.
Allan Pirie, Chief Executive Officer, said: "The group has delivered a resilient performance in the first half of the year and continued to make strategic progress despite the challenging market backdrop due to the conflict in the Middle East which has created broader geopolitical uncertainty. The agility of our integrated global services platform, our diversified business model, disciplined operational execution and relentless focus on supporting customers, enabled us to deliver revenue growth and robust margins during the period.
"We continued to execute on our long-term strategy, investing organically in our technology portfolio and further strengthening our market-leading offering and international capabilities through the acquisition of Seadraulics. This complementary bolt-on acquisition provides a vehicle to further expand our service capability in the Australian market to support the full lifecycle of offshore energy infrastructure in the region.
"The board's expectations for the full year are unchanged from our trading update on 20 August 2026. While market headwinds have impacted the FY26 outlook, the current geopolitical environment has reinforced the critical importance of energy security, resilience and supply diversification, supporting increased investment in offshore energy infrastructure and underpinning our confidence in the long-term growth opportunity for the group.
"We remain focused on executing our long-term strategy and will continue to invest selectively in our technology, people and international capabilities to further enhance the group's ability to continue delivering sustainable growth and long-term value for shareholders."
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The UK's flagship share index, the FTSE 100, was down 46 points at 10,778 shortly after opening this morning.
Brent crude oil futures were up 3.77%, sitting at $91.70 a barrel this morning.
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