Ashtead Technology confirms move to main market as H1 results impress

(Sharecast News) - Shares in AIM-listed Ashtead Technology jumped on Tuesday after the subsea tech group revealed a surge in both revenues and adjusted profits in the first half, as it confirmed plans to move to the Main Market. The firm, which provides tech solutions to the offshore energy sector, intends to apply for admission to the Main Market of the London Sock Exchange, with the move expected to happen on 6 October.

Chief executive Allan Pirie said the Main Market will give "greater liquidity and broader access to international investors", and provide an "excellent platform" for growth.

First-half results showed a 23.2% increase in revenues to £99.1m, driven by 22.7% in organic growth following the Seatronics and J2 Subsea businesses acquired in November 2024. Adjusted EBITDA was 19.7% higher than last year at £27.0m,.

Seatronics and J2 Subsea have added "significant scale to our business", Ashtead said, delivered higher operational synergies quicker than initially expected at the time of acquisition.

"The group has continued to deliver strong profitability and year-on-year growth despite some market and geopolitical headwinds during the period," Pirie said.

"While this business environment somewhat tempered activity and led to a slower seasonal ramp up of revenues through Q2, we have been able to continue to strengthen our business, execute on our long-term strategy and focus on driving enhanced quality of earnings."

Key projects delayed by customers during the first half have now begun, bolstering expectations for the latter part of the year.

The stock was up 12.1% at 585.5p by 0849 BST.