Ashtead Technology Holdings PLC (LSE:AT.) reported full-year 2025 revenue of £203.2m on Tuesday, a 21% increase year-on-year, as the subsea technology specialist reaffirmed its confidence in delivering further growth in 2026 while keeping a close watch on geopolitical developments in the Middle East.
Adjusted earnings per share reached 49.4p for the year ended December 31, 2025, up 10% from 45.0p in the previous year. The revenue increase was supported by 3% organic growth and a 19% contribution from the acquisitions of Seatronics and J2 Subsea, partly offset by a 1% foreign exchange headwind.
The results compare with revenue of £168.0m recorded in FY24, with adjusted EBITA rising to £59.1m and delivering a margin of 29.1%, close to the upper end of the company’s medium-term target range.
Ashtead Technology generated around £20m in free cash flow during FY25 despite a roughly £5m working capital outflow. Proforma net debt to adjusted EBITDA improved to 1.3x from 1.6x, strengthening the company’s balance sheet and providing additional capacity for potential strategic investments. The board proposed a final dividend of 1.3p per share, representing an 8% increase from the prior year.
“We delivered a strong performance in 2025, making significant financial, strategic and operational progress against a challenging and unpredictable geopolitical and market backdrop,” said Allan Pirie, Chief Executive Officer.
During the year, Ashtead Technology completed the integration of its recent acquisitions and achieved synergies earlier than planned, while expanding its international footprint, with 33% of 2025 revenue generated outside Europe. The company invested £37m in capital expenditure to support the development of proprietary technologies and opened new facilities in the United States and Norway.
Trading in the first two months of 2026 has been in line with management expectations. The company said it is monitoring the current situation in the Middle East closely, as tensions in the region have contributed to volatility in oil and gas markets and uncertainty around the timing of projects.
Provided disruptions do not become prolonged or spread further, the board said it remains confident that the group will continue to make progress in 2026.
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