Ashtead shares were up 12.5% at 387p as of 07:34 GMT.
Revenue climbed 23.2% year-on-year to £99.1 million, supported by organic growth and contributions from the Seatronics and J2 Subsea acquisitions. The result compared with a Visible Alpha consensus forecast of £98.9 million.
"After an encouraging start to the year, Ashtead Technology experienced a slower seasonal ramp up in activity through Q2. This resulted in first half revenues being below our initial expectations for the period at £99.1m," the company said in the release.
Adjusted EBITA came in at £27 million, just shy of the £27.7 million consensus, with a margin of 27.3%. Adjusted profit before tax rose 10% to £21.6 million.
Adjusted EBITDA was £38.3 million versus expectations of £39.2 million, while operating profit reached £23.2 million against consensus of £24.1 million.
Earnings per share were 17.2 pence, broadly in line with estimates of 17 pence.
The company reiterated its full-year guidance, having already lowered revenue forecasts for fiscal 2025 in a July trading update.
RBC Capital Markets analysts said that many of Ashtead’s oil and gas customers continued to record growth in order intakes during the first half, with “near-record backlogs” set to be executed between 2025 and 2028.
They said these backlogs should support “a high level of sustained offshore activity.”
After a softer first half and reduced revenue guidance, RBC expects the second half to see a steadier pace of activity, underpinned by high offshore utilisation across the customer base.
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https://www.investing.com/news/stock-market-news/ashtead-technology-soars-as-h1-growth-broadly-matches-expectations-4210220
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