Ashtead Technology Holdings
AT. · Main Market · Energy · mcap £428m · 532.0p
Ashtead Technology rents and sells specialist equipment and services used underwater, mainly for offshore wind and oil and gas projects. It has grown through acquisitions such as ACE Winches and Seatronics.
| Target | Promise | Said | Status |
|---|---|---|---|
| 2024 | |||
| 31 Dec 2024 | Reduce group leverage to below 1x by December 2024. | 30 Nov 2023 | ✗ Missed |
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Result
The Seatronics deal lifted leverage to about 1.8x; it was about 1.6x pro forma at the end of 2024. “Pro-forma leverage of ~1.8x as at 30 June 2024 and expected to reduce to below 1.5x by the end of 2025.”24 Oct 2024 · Acquisition of Seatronics and J2 “Proforma net debt to Adjusted EBITDA leverage of 1.6x following the acquisitions of Seatronics and J2 Subsea with target of <1.3x by end 2025”25 Mar 2025 · Final Results |
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| 31 Dec 2024 | Capital expenditure of £30m in FY24. | 2 Sep 2024 | … In progress |
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Result
Not yet due. |
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| 2025 | |||
| 26 Nov 2025 | Invest about £10m in the acquired fleet in the first year of ownership. | 24 Oct 2024 | … In progress |
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Result
Not yet due. |
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| 31 Dec 2025 | Reduce leverage by end of 2025: below 1.5x, then below 1.3x, then 1.4x. | 24 Oct 2024 | ✗ Missed · target changed |
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Result
The target was moved from below 1.3x to 1.4x in August 2025; leverage was below 1.4x at the end of 2025. “Proforma net debt to Adjusted EBITDA leverage of 1.6x following the acquisitions of Seatronics and J2 Subsea with target of <1.3x by end 2025”25 Mar 2025 · Final Results “Overall net debt of £131.9m is higher than the prior year owing to funding of the Seatronics and J2 Subsea transaction and represents leverage of 1.6x on a proforma basis. With a disciplined focus on cash management, we anticipate that leverage will reduce to around 1.4x by year end.”26 Aug 2025 · Half-year Results |
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| 31 Dec 2025 | Growth to continue through 2025 in line with previous guidance. | 23 Jan 2025 | ✗ Missed · target changed |
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Result
In July 2025 guidance was modestly below prior expectations, with pro-forma H1 revenue down 6%. “The Group delivered revenues of approximately £99m in the first half of 2025, representing growth of 23% over the prior year on a reported basis (down 6% on a pro-forma basis).”17 Jul 2025 · Half Year Trading Update |
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| 31 Dec 2025 | Move from AIM to the Main Market during 2025. | 22 May 2025 | ✓ Kept |
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Also stated 17 Jul 2025 · 26 Aug 2025
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| 31 Dec 2025 | FY25 capital expenditure of about £35m. | 26 Aug 2025 | … In progress |
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Result
Not yet due. |
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| Today · 9 Oct 2026 | |||
| 2026 | |||
| 31 Dec 2026 | Reduce net debt leverage to below 1.0x by the end of 2026. | 19 Jan 2026 | ✗ Missed · target changed |
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Also stated 21 May 2026 · 1 Sep 2026
Result
The August 2026 warning and September results lowered the end-2026 expectation to about 1.3x. “leverage is expected to be around 1.3x at year end”20 Aug 2026 · Trading Update “leverage at 1.4x and expected to be around 1.3x by end of 2026”1 Sep 2026 · Half-year Results |
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| 31 Dec 2026 | Invest about £35m of capital expenditure in 2026. | 19 Jan 2026 | … In progress |
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Status so far
Not yet due. |
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| 31 Dec 2026 | Full-year 2026 EBITA margin in the high twenties. | 15 Jul 2026 | … In progress |
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Status so far
Not yet due. |
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| 2029 | |||
| 31 Dec 2029 | Addressable market forecast to grow 6% a year to $3.4bn by 2029. | 26 Aug 2025 | ✗ Missed · target changed |
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Also stated 17 Mar 2026 · 1 Sep 2026
Result
The market growth forecast was cut from 8% a year to 6% a year in the 2025 results. “The addressable market within our focused end markets of oil & gas and offshore renewables is forecast to grow at 6% CAGR to $3.4 billion by 2029”17 Mar 2026 · Final Results “Ashtead Technology's addressable market is projected to grow at a 6% CAGR, reaching $3.4 billion by 2029, supported by strong customer backlogs and expanding opportunity pipelines.”1 Sep 2026 · Half-year Results |
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