Ashtead Technology Holdings plc (LSE:AT.) reported a robust set of full-year results for 2025, with revenue rising 21% year on year to approximately £203 million, up from £168 million in 2024. The group delivered organic growth of 3%, reflecting continued demand for its subsea technology solutions alongside contributions from recent acquisitions.
The company said its adjusted EBITA margin is expected to come in at the top end of its medium-term target range, with profit performance slightly ahead of market expectations. Revenue momentum improved in the second half of the year, with H2 sales around 5% higher than the first half, supported by the mobilisation of longer-duration projects that had been delayed earlier in 2025.
Ashtead Technology also confirmed the successful integration of Seatronics and J2 Subsea, both acquired in the fourth quarter of 2024. Management said integration synergies were delivered ahead of plan, while lower-margin activities within the acquired businesses were reduced, contributing to improved overall profitability.
Strong cash conversion during the year enabled the group to reduce leverage to below 1.4 times at year end. Net debt is expected to fall further, to under 1.0 times by the end of 2026. Looking ahead, the company plans to invest around £35 million in capital expenditure during 2026 to support future growth.
Commenting on the results, chief executive Allan Pirie said the group was pleased with its financial performance and had made meaningful progress in expanding its international footprint and broadening its customer offering. Management reiterated its focus on executing strategic growth initiatives and expressed confidence in the company’s ability to deliver shareholder value over the medium term.
More about Ashtead Technology Holdings plc
Ashtead Technology Holdings plc is a provider of specialist subsea technology solutions to the offshore energy and marine industries. The group supplies equipment and services that support the inspection, maintenance and monitoring of subsea infrastructure, with operations serving customers across global offshore markets.
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