Aberdeen-headquartered Ashtead Technology has maintained its full-year guidance after reporting revenue growth in the first half of 2026 despite disruption to offshore projects in the Middle East.
The subsea technology specialist said revenues increased by around 1% year-on-year to approximately £100million during the six months to 30 June, with project delays linked to conflict in the Middle East and weaker renewables activity in Taiwan offset by project execution and cost controls.
During the period, Ashtead completed the acquisition of Perth-based Australian ROV tooling business Seadraulics, describing the deal as a platform to expand its full-service capability in the Australian market.
Despite the geopolitical uncertainty, the board said it remains comfortable with full-year market expectations, assuming disruption in the Middle East eases during the second half and project schedules normalise.
The company said an increased focus on energy security and a strong customer backlog continued to support confidence in its medium-term growth prospects.
The company said: "The impact of the geopolitical tension in the Middle East continues to be monitored closely and the Group is working with its customers and partners in the region to manage changing vessel schedules and project priorities.
"Assuming that the disruption associated with the Middle East conflict eases through the second half, and there are no major changes to project scheduling, the Board is comfortable with full year market expectations."
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