Ashtead Technology to begin trading on London stock exchange

Ashtead Technology is set to begin publicly trading on the London Stock Exchange’s Alternative Investment Market (AIM) on 23 November with support from new institutional investors.

Illustration (Courtesy of Ashtead Technology)

According to Ashtead, so far this year the company has invested £8 million in new subsea equipment and technology to expand its equipment rental fleet, including over £1 million investment in a range of EdgeTech sonar imaging and underwater technology systems.

“The company is experiencing strong momentum across its end markets, with increasing customer activity helping to drive revenue growth of approximately 25% in the six months to 30 June 2021 compared to the first half of 2020”, Ashtead said.

The Aberdeen-based company added that it had secured new contracts for offshore wind developments as well as a series of awards to support the construction and installation of the Neart na Gaoithe (NnG) offshore wind farm, in the Firth of Forth.

As informed, the offshore renewable energy market now accounts for 30% of Ashtead Technology’s revenue.

Since 2017, Ashtead also expanded its operations with five acquisitions said to have helped drive strategic growth through geographic expansion and enhanced product and service offerings across its three service lines, survey and robotics, mechanical solutions and asset integrity.

Additionally, three non-executive directors were appointed to the company’s board, with Bill Shannon joining as independent non-executive chair and Thomas Thomsen and Tony Durrant as independent non-executive directors.

“As a newly listed company, we plan to continue to grow and strengthen our core business in subsea technology rental and solutions both organically and through acquisition to further broaden our range of complementary equipment and services and expand our geographic presence”, said Allan Pirie, Ashtead Technology’s CEO.

“We are delighted to welcome our new shareholders in Ashtead Technology after receiving an excellent reception during our IPO. This is a clear recognition of the progress we have made building the business in recent years and I would like to thank our hardworking people and current shareholders for their support and dedication throughout”.

Current owners Buckthorn and APICORP will remain significant shareholders in the business, the company said.

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