Ashtead Technology issues profit warning amid Middle East delays
Ashtead Technology Holdings PLC on Thursday warned full-year revenue and earnings will be below expectations reflecting project delays due to the Middle East war.
The Aberdeen, Scotland-based provider of subsea technology to the offshore energy sector now expects full year revenues to be around 5% below the current market consensus of £214.2 million and sees adjusted earnings before interest, tax and amortisation 15% below consensus of £59.2 million.
In 2025, the firm reported revenue of £203.2 million and adjusted Ebita of £59.1 million.
In response, shares in the company plummeted 16% to 360.00 pence each in London on Thursday morning.
Ashtead Technology said a number of projects in the Middle East region earmarked for the second half of 2026 have now been postponed until 2027.
The continued and broader economic uncertainty, and changes to vessel scheduling, has also now resulted in some project delays, particularly in Europe and the Americas, it added.
The deferral of rental revenues, in particular, will adversely impact the revenue mix in 2026, and likely contribute to lower margins, the company said.
Notwithstanding the lower anticipated profits in the short term, the balance sheet remains strong, and leverage is expected to be around 1.3 times at year end, the firm added.
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