Ashtead Technology – global energy sector subsea equipment specialist has today announced that it will switch from AIM to the Main Market on Monday 6th October

26.08.2025

Along with this morning’s Interim Results announcement Ashtead Technology Holdings (LON:AT.), the £276m-capitalised group that is a leading subsea equipment rental and solutions provider for the global offshore energy sector, has confirmed its plans to switch its market listing.

The Interim Results

The six months to end-June saw the group report a 23.2% improvement in its revenues to £99.1m (£80.5m), while its adjusted pre-tax profits were up just 10% at £21.6m (£19.6m), but with a 14.5% increase in its Interim adjusted basic earnings per share to 21.9p (19.1p).

Management Comment

CEO Allan Pirie stated that:

"The Group has continued to deliver strong profitability and year-on-year growth despite some market and geopolitical headwinds during the period.

While this business environment somewhat tempered activity and led to a slower seasonal ramp up of revenues through Q2, we have been able to continue to strengthen our business, execute on our long-term strategy and focus on driving enhanced quality of earnings.

Key projects delayed by our customers in HY25 have now mobilised giving us additional confidence in delivering growth in the second half.

Globally, our customers continue to report sustained record backlogs supported by significant contract awards in the period.

This, together with strong market fundamentals, underlines our confidence in the ongoing demand for Ashtead Technology's specialist technology solutions.

We remain confident and committed to our long-term strategy for the business.”

The Business

Based in the UK, the business operates globally, servicing customers from its facilities located in key offshore energy hubs.

Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to address the complex challenges of constructing, developing, inspecting, maintaining, repairing and decommissioning critical offshore energy infrastructure.

With a diverse portfolio and flexible delivery model, around 85% of the group’s equipment fleet of over 30,000 assets are applicable across the lifecycle of both offshore oil and gas infrastructure and offshore renewables.

Outlook

The group has previously indicated that the macro and geopolitical volatility experienced through HY25 created market headwinds which were reflected in the trading update provided in July.

However, it remains confident in the group’s ability to execute its strategy and based on current trading levels and market outlook through the remainder of the year, its Management remains confident of delivering an outturn in line with the Board's expectations. 

Switch From AIM To Main Market

Allan Pirie commented upon the imminent market move:

"Following our previous announcements and after extensive shareholder consultation, the Board is pleased to confirm its intention to move the Company's listing to the Main Market of the London Stock Exchange expected on 6 October 2025.

The Board believes that the greater liquidity and broader access to international investors offered by the Main Market will provide an excellent platform for the next phase of Ashtead Technology's growth strategy implementation."

In My View

With nearly 75% of its equity owned by funds and professional investors, the market switch is a good move.

It should open up and encourage even more investor interest in the group.

This time last year the group’s shares were trading at 793p, since when they have been down to as low as 316p.

Now trading at around the 344p level, I would suggest that fresh exposure will encourage greater trading activity driving the shares back upwards again.