Business
Unaudited Half Year Results 2023
Unaudited Half Year Results 2023.
About this update from Ashtead Technology Holdings Plc
[{"type":"text","content":"\n\n4 September 2023\nAshtead Technology Holdings plc\n(\"Ashtead Technology\" or the \"Group\")\n \nUnaudited Half Year Results for the Six-Months Ended 30 June 2023\nStrong start to the year with positive outlook\n \nAshtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, announces its unaudited results for the six months ended 30 June 2023 (\"HY23\" or \"the period\").\n \nFinancial Performance (£'m)\n\n\n\n\n\n\n\nHY23\n\n\nHY22\n\n\n% Movement\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n49.8\n\n\n31.7\n\n\n57.1%\n\n\n\n\nGross profit\n\n\n39.3\n\n\n23.3\n\n\n68.7%\n\n\n\n\nGross profit %\n\n\n78.8%\n\n\n73.4%\n\n\n540bps\n\n\n\n\nAdjusted EBITDA1\n\n\n21.3\n\n\n12.3\n\n\n73.7%\n\n\n\n\nAdjusted EBITDA %\n\n\n42.7%\n\n\n38.6%\n\n\n410bps\n\n\n\n\nAdjusted EBITA2\n\n\n15.7\n\n\n8.2\n\n\n91.5%\n\n\n\n\nAdjusted EBITA %\n\n\n31.4%\n\n\n25.8%\n\n\n560bps\n\n\n\n\nAdjusted profit before tax3\n\n\n14.3\n\n\n7.6\n\n\n87.9%\n\n\n\n\nAdjusted basic earnings per share\n\n\n14.2p\n\n\n8.3p\n\n\n71.1%\n\n\n\n\nReturn on Invested Capital (ROIC)4\n\n\n25.5%\n\n\n19.1%\n\n\n640bps\n\n\n\n\nLeverage5\n\n\n0.7\n\n\n0.9\n\n\n\n\n\n\n\n \nAdditional Statutory Accounting Measures (£'m)\n \n\n\n\n\n \n\n\nHY23\n\n\n HY22\n\n\n % Movement\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n\n\n\nOperating profit\n\n\n15.1\n\n\n7.5\n\n\n102.4%\n\n\n\n\nProfit before tax\n\n\n13.2\n\n\n6.9\n\n\n91.8%\n\n\n\n\nBasic earnings per share\n\n\n13.1p\n\n\n7.4p\n\n\n77.0%\n\n\n\n\n· Strong year-on-year increase in revenue (57.1%) driven by continued high demand across both offshore renewables and offshore oil and gas\no Offshore renewables revenue increased by 74.1% to £16.3m (HY22: £9.4m)\no Offshore oil and gas revenue increased by 50.0% to £33.5m (HY22: £22.3m)\n· Organic growth of 40.5%, with M&A contributing 13.9% and 2.7% from favourable FX\n· Gross Profit margin increased to 78.8% (HY22: 73.4%) reflecting a higher proportion of growth coming from equipment rental, higher utilisation and increased pricing\n· &...