Aberdeenshire firm Ashtead Technology has seen revenue surge by £58 million following recent acquisitions – more than £1m extra a week.
New figures show revenue jumped by 52% from £110m to £168m for the year ending December 31 2024.
Pre-tax profit rose by 31.1% to £36.1m, from £27.5m a year earlier.
The turnover boost follows the subsea technology provider purchased Seatronics and J2 Subsea from Acteon Group for £63m in November last year.
A year earlier, Ashtead completed a £53.5m deal for Ace Winches.
It’s seen staff numbers at the firm grow from 318 employees in 2023 to currently 560 staff.
Ashtead Technology ‘larger and stronger’
Chief executive Allan Pirie said figures had “exceeded expectations”.
He said: “The group finished the year larger, stronger and more capable of delivering value to our customers.
“This is underpinned by the breadth of our offering and the flexibility of our international operating model.
“The integration of Seatronics and J2 Subsea, acquired in November, is at an advanced stage and the quality of what we have acquired has already exceeded our expectations.”
Acquisitions a perfect fit
In the accounts, Ashtead revealed it forked out £67.1m on acquisitions, including the payment for Seatronics and J2 Subsea with the balance relating to a final payment for Ace Winches following agreement of completion accounts.
Oil and gas and the renewables sector continue to be growing markets for the business.
And £30m was spent on expanding and enhancing the equipment fleet and improving technology centres.
Mr Pirie said: “In 2024 we delivered strong organic revenue growth of 14% and executed our largest acquisition to date.
“The integration of these businesses is well advanced and cost synergies are on track.
“Following the acquisition of Ace Winches in November 2023, we added market leading lifting, pulling and deployment capabilities that significantly broadened our customer offering and addressable market.
“With strong momentum building for 2025 and beyond, we expect this acquisition to generate strong returns over the medium term.”
Strong foothold
Ashtead was founded in 1985 and joined the London stock market in November 2021.
The fast-growing company serves customers around the world from 10 facilities in major offshore energy hubs in Europe, the Americas, Middle East and Asia Pacific.
Staff number rose to 560 employees in 2024, compared to 318 in 2023.
Mr Pirie said there was a strong pipeline of revenue opportunities ahead.
He said: “Oil and gas has seen increased momentum developing through 2024 and offshore renewables continues to grow significantly in Europe and Asia Pacific where Ashtead Technology has a strong foothold.
“With key customers continuing to build increasingly larger multi-year backlogs, we see a strong pipeline of revenue opportunities to underpin growth.
“Our strategy remains to acquire oil and gas focused businesses that can be repositioned to support traditional oil and gas and offshore wind markets.”
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