Shares in Ashtead Technology Holdings (LSE:AT.) plunged more than 15% after the subsea technology specialist lowered its revenue and earnings expectations for 2026 as project delays disrupted second-half activity across several key regions.
The company now anticipates full-year revenue will be approximately 5% below current market consensus, while adjusted EBITA is expected to come in around 15% below consensus forecasts.
Ashtead Technology said continuing conflict in the Middle East has resulted in several projects previously expected to take place during the second half of 2026 being postponed until 2027. The delays have reduced the amount of work the group expects to complete before the end of the financial year.
Trading has also been affected outside the region. Wider economic uncertainty and changes to vessel schedules have caused further project slippage, particularly across Europe and the Americas, adding to the pressure on second-half revenue and profitability.
The company had already highlighted these risks in its July 15 trading update, when it said achieving full-year market expectations would depend on an improvement in the Middle East conflict and the absence of significant disruption to project schedules.
Ashtead Technology said there has been no such easing since that update, prompting management to revise its financial expectations for the year.
Despite the weaker near-term trading outlook, the group said its balance sheet remains strong. Year-end leverage is expected to be around 1.3 times, providing financial resilience as delayed projects move into 2027.
Focus keyphrase: Ashtead Technology profit warning
Meta description: Ashtead Technology shares fall more than 15% after the subsea group cuts its 2026 revenue and profit expectations amid project delays across key markets.
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