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Ashtead Technology Holdings PLC on Monday confirmed its admission to London’s Main Market, as the firm delisted from junior venue AIM.
The Aberdeenshire, Scotland-based subsea equipment rental company said it was not offering any new shares as part of the move, but emphasised its strategic importance.
‘While our AIM listing has served the business well, as a board, we believe that moving to the Main Market will broaden access to a wider range of international investors, offer greater liquidity in the group’s shares and provide the appropriate platform to execute on our strategy,’ commented Chief Executive Allan Pirie.
Pirie described this as a ‘milestone’ in the company’s development. It comes after Ashtead Technology’s in August noted earlier-than-expected synergies based on the integration of recent acquisitions Seatronics and J2 Subsea.
In results for the six months that ended June 30, Ashtead Technology posted a 0.8% rise in pretax profit to £17.8 million from £17.6 million a year earlier. First-half revenue shot up by 23% to £99.1 million from £80.4 million.
Separately on Monday, the firm noted that it repurchased 88,321 shares at an average price of 5,047.39 pence each on Friday, for roughly £4.5 million in total.
Ashtead Technology shares fell 3.3% to 385.53p on Monday morning in London.
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