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(Sharecast News) - Ashtead Technology said in an update on Thursday that it has traded in line with expectations for the first four months of 2025, and maintained its full-year guidance, supported by record customer backlogs and robust demand across its offshore energy services.
The AIM-traded company cited strong operational flexibility through its mobile technology fleet, which is helping to manage regional volatility in the global subsea market.
Integration of recent acquisitions, Seatronics and J2 Subsea, had been completed, with operational synergies beginning to come through in line with plans.
The group said it remained focussed on collaborating with customers to optimise project execution and costs, while continuing to benefit from high utilisation levels across its asset base.
Ashtead also confirmed it was progressing with plans to transition from AIM to the London Stock Exchange's Main Market.
The board said it believed the move would increase the company's market visibility and broaden its access to capital.
Preliminary preparations were underway, with a target date for admission set for later in 2025.
The group reaffirmed its outlook for the full year, and said further updates on the Main Market transition would be provided in due course.
"We have had a solid start to the year, with trading in line with expectations," said chief executive officer Allan Pirie.
"While wider macro-economic uncertainty has increased in the period, we are encouraged by the group's performance to date supported by the strength of our customer's reported backlogs and the resilience of our operating model.
"This provides us with confidence in future demand for the group's products and solutions."
At 1159 BST, shares in Ashtead Technology Holdings were down 3.45% at 440.74p.
Reporting by Josh White for Sharecast.com.
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