Ashtead Technology (LSE:AT.) reported revenue of £100.2 million for the first half of 2026, up 1.1% from £99.1 million a year earlier and 1.7% higher at constant currency.

Growth in Europe was partly offset by previously reported disruption in the Middle East and lower offshore renewables activity in Asia. Revenue from oil and gas increased 1.9%, while renewables revenue declined 1.6%.

Adjusted EBITA fell 7.3% to £25.1 million from £27.0 million, with the adjusted EBITA margin decreasing to 25.0% from 27.3%. The company attributed the change to revenue mix and higher depreciation following recent capital expenditure.

Profit before tax declines to £17.5 million

Operating profit decreased 5.9% to £21.8 million, while profit before tax declined 1.5% to £17.5 million.

Adjusted basic earnings per share were 20.6p, down 5.9% from 21.9p in the corresponding period.

Return on invested capital declined to 20.5% from 24.2%, a reduction of 369 basis points. The company said the return remained above its cost of capital.

Net debt falls to £116.7 million

Ashtead Technology reported net debt of £116.7 million, compared with £131.9 million previously, while leverage decreased to 1.4 times from 1.7 times.

The company expects leverage to be approximately 1.3 times by the end of 2026.

Ashtead said its addressable market is projected to grow at a compound annual growth rate of 6% to $3.4 billion by 2029, supported by customer backlogs and its pipeline of potential opportunities.

“The company remains well positioned to navigate near-term market headwinds arising from the current geopolitical situation in the Middle East and continues to position itself to capture the longer-term opportunities as they arise,” Ashtead said in the release.