Ashtead Technology is forecasting a buoyant balance sheet after a “strong performance” in 2021.
The Aberdeenshire subsea equipment provider benefitted from “improving market conditions” last year in both offshore wind and oil and gas.
As a result its full year revenue is expected to be around £55 million, up 30% on 2020 and ahead of previous guidance.
The increase was driven by both equipment rental and a higher than anticipated level of new equipment sales in the fourth quarter.
Moreover the utilisation of equipment rental has picked up, aided by a recovery in pricing from the impact of Covid.
Ashtead’s adjusted earnings before interest, tax, depreciation and amortisation (ebitda) is expected to be “modestly ahead” of previous guidance, while adjusted EBITA is forecast to be “comfortably ahead”.
Allan Pirie, chief executive officer, said: “We are pleased with the full year performance which demonstrates the momentum in our business, delivering on what we set out at our IPO.
“We remain confident that Ashtead Technology is ideally positioned to support energy producers’ transition to more renewable sources of energy and benefit from the global investment into offshore wind.
“We look forward to continued progress through 2022.”
In November Ashtead reached a market valuation of nearly £130m from its initial public offering (IPO).
The company was admitted to the Alternative Investment Market (AIM) of the London Stock Exchange where it trade under the ‘AT’ ticker.
Although new institutional investors came forward, the company said the current owners – London-based investment firm Buckthorn and financial institution APICORP – shall remain significant shareholders.