Ashtead Technology Holdings PLC on Monday remained optimistic for the future, after reporting a boost in both earnings and revenue over the first half.

For the six months ended June 30, the Aberdeenshire, Scotland-based subsea equipment rental company for the offshore energy sector reported pretax profit of £17.6 million, up 33% from £13.2 million a year prior. Basic earnings per share rose 28% to 16.7 pence from 13.1p.

Revenue was up 61% to £80.5 million from £49.8 million the previous year. This improvement, Ashtead explained, was down to ‘continued high demand’ across both offshore renewables and offshore oil and gas.

Offshore renewables revenue was up 42% to £23.1 million from £16.3 million, while offshore oil and gas revenue increased by 71% to £57.3 million from £33.5 million.

These results were achieved despite cost increases.

Cost of sales rose to £19.5 million from £10.6 million, while admin costs were up at £41.2 million from £24.3 million, and finance costs at £3.1 million from £1.9 million.

Looking ahead, Ashtead stressed that mergers & acquisitions continues to be a ‘key element’ of the strategy moving forwards, as the firm broadens both its product and services offering, and geographic exposure.

Expectations for the year remain unchanged.

‘We have continued to execute on our strategy to expand the breadth and depth of our offering through both organic and inorganic investment, increasing the resilience and differentiated nature of our business model,’ said Chief Executive Officer Allan Pirie.

‘The outlook for our business remains positive given the strength of the global offshore energy market and our continued investment to support longer term growth. The board is encouraged by the group’s performance in HY24 which gives us increased confidence on our full year 2024 outturn...’

Shares in Ashtead Technology Holdings were trading 11% lower at 692.65 pence each in London on Monday afternoon.

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