Ashtead Technology Holdings plc (AIM: AT.), a leading provider of subsea technology solutions to the global offshore energy sector, issues an update ahead of its Annual General Meeting to be held at 11.00am today.
Current Trading and Outlook
The Group has traded in line with the Board’s expectations during the first four months of the year. Record key customer backlogs provide confidence in future demand for the Group’s products and solutions.
While the macro business environment remains fluid, the Group’s mobile and fungible technology fleet provides operational flexibility and helps navigate regional geopolitical market fluctuations. The Group will continue to work closely with its customers to optimise project costs and execution.
All major milestones for the integration of Seatronics and J2 Subsea are complete and operational synergies are starting to be realised as per plan.
The Board’s performance expectations for the full year remain unchanged.
Update on possible move to the Main Market
The Board is grateful to shareholders through its consultation with respect to a potential move to the Main Market. In its evaluation, the Board considers that the Main Market should provide access to a broader pool of capital and further enhance the Group’s market profile, and to be in the best interest of the Company. Preliminary workstreams are underway, and the Company is targeting admission to the Main Market during 2025. Further information will be provided as and when appropriate.
Allan Pirie, Chief Executive Officer commented: “We have had a solid start to the year, with trading in line with expectations. While wider macro-economic uncertainty has increased in the period, we are encouraged by the Group’s performance to date supported by the strength of our customer’s reported backlogs and the resilience of our operating model. This provides us with confidence in future demand for the Group’s products and solutions.”
