Ashtead Technology has posted a big jump in half-year revenues and profits.
Revenues totalled £49.8million, up 57% on the same period last year, with adjusted pre-tax profits up 89%.to £14.3million.
Chief executive Allan Pirie welcomed the company's "strongest-ever set of interim results".
He said: "We have continued to see positive momentum through the first half of 2023."
The Westhill-headquartered firm had benefited from investing in people and equipment, the CEO added, while utilisation and pricing had both increased.
Recent acquisitions
Mr Pirie went on: "Our recent acquisitions of Hiretech and WeSubsea have performed ahead of our expectations and we are benefiting from our increased breadth of capabilities."
Offshore renewables revenues soared by 74.1% to £16.3million, while offshore oil and gas revenues were up 50% at £33.5million.
"Market fundamentals remain strong and we continue to expand our offering whilst growing within our existing markets," the CEO said.
Ashtead Technology saw ""unseasonal strength" in the last quarter of the 2022 financial year.
As such, Mr Pirie said, the company expects "year-on-year growth to moderate in the second half".
Capital expenditure
Capital expenditure was £8million for the latest period, with a forecast for the full year of £20million.
The company said it was focused on expansion, in capabilities and internationally. It is considering additional acquisitions.
Energy Voice reports that, as of the end of June, Ashtead Technology employed 289 people - up 11% from the end of 2022.
FTSE 100
The UK's top share index, the FTSE 100, was down 41 points at 7,411 shortly after opening this morning, following yesterday's 11-point fall.
Brent crude futures were down 0.35% at $88.69 a barrel.
Companies reporting today
- Q1 results: Ashtead Group