Ashtead Technology performs 'strongly' in Q1

Subsea equipment rental and solutions provider Ashtead Technology said on Thursday that it continued to perform "strongly" in the first quarter of 2022.

Ashtead said its Q1 performance was supported by good ongoing customer demand across both offshore wind, and oil and gas, end markets.

The AIM-listed group added that activity levels experienced in the first quarter were higher than the same period in the prior year, with utilisation rates remaining strong, and stated its performance to date underpinned management's confidence in meeting full-year expectations in 2022.

Chief executive Allan Pirie said: ""Our first full financial year as a listed company has begun well, with positive trading momentum continuing during Q1. While we are mindful of uncertainty arising from the current geopolitical environment and inflationary pressures, mitigated by tightening market conditions and increasing pricing, we remain confident of making further progress in 2022."

As of 1340 BST, Ashtead shares were up 2.04% at 250.0p.