AGM Trading Statement

In brief · summary, not quotable

Q1 trading in line with expectations despite Middle East disruption; full year outlook unchanged.

vs expectations: in line

Net debt target below 1.0x

Full announcement

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Ashtead Technology Holdings plc (LSE: AT.), a leading provider of subsea technology solutions to the global offshore energy sector, issues the following trading update ahead of its Annual General Meeting to be held at 10.00am today.

Current Trading and Outlook

Trading through the first quarter of the year was in line with the Board's expectations. The business has experienced some regional disruption since early March as a result of the ongoing conflict in the Middle East and continues to work closely with its customers to monitor and manage this situation.

Whilst the duration and impact of the conflict in the Middle East, and the potential secondary effect on our broader operations and markets, remains hard to predict, the Board is cautiously optimistic in the outturn for the year, and its performance expectations are unchanged. This assumes a seasonally stronger second half, in keeping with prior years, and no sustained impact from the current geopolitical tensions.

With growing demand for energy and an increased acknowledgement of the importance of energy security around the world, Ashtead Technology's scaled, geographically diversified footprint and agile operating model positions it well to capitalise on the attractive long-term structural growth drivers across its end markets.

Balance Sheet

The Group's highly cash generative business model underpins its strong balance sheet, with net debt still expected to improve to below 1.0x by the end of 2026.