Ashtead Technology builds on 'strong' H1 results

Subsea rental equipment and solutions provider Ashtead Technology said on Monday that it had built on its "strong results" delivered in the first half of the year.

Ashtead Technology stated that it had continued to benefit from "increasing strength" across its geographic markets, resulting in higher cost utilisation and pricing compared to the prior year.

Looking forward, Ashtead highlighted that given its "strong underlying performance", and supported by "the continued positive market outlook" and "favourable exchange rates" across its international business, it now has "increased confidence" in its trading outlook, with it now expecting to "materially outperform" previous expectations for the full year ending 31 December.

Chief executive Allan Pirie said: "I am pleased to report that the strong growth we witnessed in H1 of this year has continued into the third quarter. As a result, the board is confident that we will achieve full-year revenues and profits materially ahead of current market expectations."

As of 1025 BST, Ashtead shares were up 8.43% at 270.0p.

Reporting by Iain Gilbert at Sharecast.com