Half-year Report
Summary by AI BETAClose X
1 September 2026
Ashtead Technology Holdings plc
("Ashtead Technology", the "Company" or the "Group")
Unaudited Half Year Results for the Six-Months Ended 30 June 2026
Resilient H1 performance despite challenging market backdrop, with strong operational execution reinforcing long-term confidence.
Ashtead Technology Holdings plc (AIM: AT.), a leading provider of subsea technology solutions to the global offshore energy sector, announces its unaudited results for the six months ended 30 June 2026 ("HY26" or "the period").
Financial Performance (£'m)
|
|
|
|
|
|
|
HY26 |
HY25 |
% Movement |
|
Revenue |
100.2 |
99.1 |
1.1% |
|
Adjusted EBITA1 |
25.1 |
27.0 |
(7.3)% |
|
Adjusted EBITA % |
25.0% |
27.3% |
(225)bps |
|
Operating profit |
21.8 |
23.2 |
(5.9)% |
|
Profit before tax |
17.5 |
17.8 |
(1.5)% |
|
Adjusted basic earnings per share2 |
20.6p |
21.9p |
(5.9)% |
|
Basic earnings per share |
16.6p |
17.2p |
(3.5)% |
|
Return on Invested Capital (ROIC)3 |
20.5% |
24.2% |
(369)bps |
|
Leverage4 |
1.4x |
1.7x |
|
HY26 summary
· Revenue +1.1% vs HY25 to £100.2m (+1.7% constant currency)
o Solid performance in Europe offset by previously flagged Middle East impact, project delays and softer offshore renewables activity in Asia
o Oil and gas revenues (+1.9%), renewables (-1.6%)
· Resilient Adjusted EBITA delivery of £25.1m at a 25.0% margin, impacted by some revenue mix changes and increased depreciation cost following recent strategic capex investment
· Robust EPS delivery at 16.6p
· ROIC of 20.5% remains significantly ahead of cost of capital
· Net debt of £116.7m lower than prior year (HY25: £131.9m), with leverage at 1.4x and expected to be around 1.3x by end of 2026
Operational Highlights
· Agile project execution and disciplined cost management delivered results in spite of challenging near term business environment
· Ongoing strategic investment in technologies and proprietary equipment to enhance the Group's leading asset portfolio and differentiated customer offering
· Organisational optimisation progressed with the consolidation of the UK mechanical solutions business onto a single site, strengthening collaboration and improving our integrated offering
· Acquisition of Seadraulics in June 2026 strengthens the Group's ROV tooling capabilities and establishes a platform for further expansion in Australia
· Further expansion of services through the technical depth and customer relationships acquired through previous acquisitions
Outlook
Long-term market fundamentals remain strong as growing focus on energy security, resilience, and supply diversification is expected to reshape energy markets and drive significant infrastructure investment across both renewables and oil and gas. Ashtead Technology's addressable market is projected to grow at a 6% CAGR, reaching $3.4 billion by 2029, supported by strong customer backlogs and expanding opportunity pipelines.
The Company remains well positioned to navigate near-term market headwinds arising from the current geopolitical situation in the Middle East and continues to position itself to capture the longer term opportunities as they arise.
Allan Pirie, Chief Executive Officer, said:
"The Group has delivered a resilient performance in the first half of the year and continued to make strategic progress despite the challenging market backdrop due to the conflict in the Middle East which has created broader geopolitical uncertainty. The agility of our integrated global services platform, our diversified business model, disciplined operational execution and relentless focus on supporting customers, enabled us to deliver revenue growth and robust margins during the period.
We continued to execute on our long-term strategy, investing organically in our technology portfolio and further strengthening our market-leading offering and international capabilities through the acquisition of Seadraulics. This complementary bolt-on acquisition provides a vehicle to further expand our service capability in the Australian market to support the full lifecycle of offshore energy infrastructure in the region.
The Board's expectations for the full year are unchanged from our trading update on 20 August 2026. While market headwinds have impacted the FY26 outlook, the current geopolitical environment has reinforced the critical importance of energy security, resilience and supply diversification, supporting increased investment in offshore energy infrastructure and underpinning our confidence in the long-term growth opportunity for the Group.
We remain focused on executing our long-term strategy and will continue to invest selectively in our technology, people and international capabilities to further enhance the Group's ability to continue delivering sustainable growth and long-term value for shareholders."
Presentation
Allan Pirie, Chief Executive Officer and Ingrid Stewart, Chief Financial Officer, will host an in-person presentation for analysts and institutional investors at 8.00am BST today at Peel Hunt, 100 Liverpool St, London EC2M 2AT.
A live webcast will also be available for those who wish to join the presentation virtually. Please contact ashteadtechnology@dgagroup.com to attend in person or to register for the webcast use the following link:
Management will also host a live virtual investor presentation via the BRR Engage Investor platform at 10:30am BST on Friday 4 September 2026.
This event is open to all existing and potential shareholders and registration is free.
Questions can be submitted pre-event via the platform up until 9.00am BST the day before the meeting or at any time during the live presentation.
Investors can register for the webinar using the link here: https://engageinvestor.news/AT_IP
Replays of both presentations will subsequently be made available to watch on demand at www.ashtead-technology.com/investors/
-Ends-
For further information, please contact:
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Ashtead Technology Allan Pirie, Chief Executive Officer Ingrid Stewart, Chief Financial Officer
|
(Via DGA Group)
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|
DGA Group (Financial PR) Jonathon Brill Syra Basra |
Tel: +44 (0)7891 227 246 ashteadtechnology@dgagroup.com |
|
||
1Adjusted EBITA is defined as operating profit adjusted to add back amortisation, foreign exchange movements and items considered one-off in nature as described in the Appendix to the HY26 accounts
2Adjusted Basic Earnings per Share uses Adjusted Profit After Tax which is defined as profit after tax adjusted to add back amortisation, foreign exchange movements and items considered one-off in nature, and the tax impact thereof, as shown in the Appendix to the HY26 accounts
3Return on Invested Capital (ROIC) is defined as LTM5 Adjusted EBITA divided by Invested Capital. Invested Capital is defined as average net debt plus average equity over the last 12 months.
4Leverage is defined as net debt divided by LTM Adjusted EBITDA
5LTM is defined as latest twelve months to 30 June 2026
Notes to editors:
Ashtead Technology is a leading subsea technology solutions provider to the global offshore energy sector. Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure. Headquartered in the UK, Ashtead Technology operates globally, servicing customers from its facilities located in key offshore energy hubs. To learn more, please visit www.ashtead-technology.com
CEO Statement
Demonstrating our resilience and agility against a fast-moving geopolitical backdrop
Last year our results were delivered against the backdrop of US offshore renewable policy change, US tariffs and geopolitical factors impacting Europe and the Middle East. This challenging market backdrop has continued into 2026 with the escalation of conflict in the Middle East resulting in disruption in the region and broader economic uncertainty. These events make for a volatile market but also reinforce the strategic importance of energy security, resilience and energy supply diversification which will support increased investment in offshore energy infrastructure and underpins our confidence in the long-term growth opportunity for our business.
During H1 2026 we delivered a solid performance in Europe, together with disciplined operational execution across the Group. This was offset by lower activity in the Middle East due to the conflict and softer renewables activity in the Asia market. Revenue grew 1.7% on a constant currency basis and we maintained robust margins and our strong balance sheet while continuing to invest in the long-term growth of the business. This performance reflects the expertise and commitment of our people, who continue to work closely with customers to solve complex challenges and meet changing demands across our markets, as well as the strength of our offering.
The market backdrop through 2025 and 2026 has not altered our ambition to build a wider, more capable business to better support our customers and strengthen our resilient business model. The medium and long-term opportunities to grow our business are significant and we believe it is important to continue to invest selectively through periods of short-term uncertainty to ensure we are well positioned to benefit from higher activity levels as market uncertainty eases.
The recent acquisition of Seadraulics provides a footprint in Australia, further strengthens our ROV tooling capability, and provides an accelerated route to build out our full-service capability to support our local customers across the lifecycle of offshore energy infrastructure in the region.
Our integrated global model continues to evolve and the investments made in the first half of the year, including the merging of our European mechanical solutions business onto one site, and further expansion of our facility in Norway, will benefit our business as market conditions improve, positioning us well to support growth across offshore oil and gas, and renewables.
Near-term outlook - focused on project delivery and strategic growth initiatives
Our near-term focus remains on disciplined project execution, cost and cash management, and supporting our customers to execute their projects efficiently and safely. As highlighted in our trading update on 20 August 2026, the continuation of the conflict in the Middle East and the postponement of a small number of projects into 2027, has impacted our trading expectations for the current year. The project delays witnessed outwith the Middle East are the result of specific project scheduling changes and not an indication of a fundamental shift in market dynamics.
Longer-term outlook
Despite short-term headwinds, the fundamental drivers of demand across the offshore energy sector remain strong and we have confidence in the Group's long-term growth prospects. Increased focus on energy security and supply resilience supports investment in offshore oil and gas and offshore wind. Latest Rystad forecasts point to a 6% CAGR in our total addressable market out to 2029. Within this, the growth forecast for renewables has reduced since February 2026 from 12% to 10% owing to slower FID activity. Forecast oil and gas growth has increased from 3% to 4% during the same period as supply disruptions in the Middle East, and positive developments for African and Asian pre-FID projects have raised the medium-term outlook. As a business we also see evidence of growth in decommissioning activity across several basins globally with this market forecast to grow at 7% CAGR through to 2029.
Whilst timing of contract awards has resulted in customer subsea backlogs of the three Tier 1 contractors reducing by 7%, these remain at near record high levels and customers are pointing to an increase in pipeline as they look out over the next two years. These customer backlogs and opportunity pipelines give us confidence of a long runway of opportunities for our services as we look out to the end of the decade and beyond.
With this backdrop we are continuing to invest selectively in our technology, people and international capabilities to ensure the Group is positioned to capture the significant medium and long-term opportunities across its end markets.
CFO Statement
Strong performance in Europe offsets macro challenges
Revenue for the first half of 2026 was £100.2m (HY25: £99.1m), a 1.1% increase (1.7% on a constant currency basis) on the prior year with a solid performance in Europe offsetting a year-on-year reduction in revenues in the Middle East and Asia. After a positive start to the year, the Middle East saw a reduction in activity through late Q1, continuing into Q2 as a result of the ongoing conflict. In Asia, we have experienced delays and cancellations to offshore renewables projects in Taiwan, coupled with the secondary impact from the Middle East conflict which has resulted in slower oil and gas activity. In the Americas, revenues were slightly ahead of the prior year, with higher activity in our survey & robotics division offset with lower mechanical services activity due to project timings.
Expenses
We continue to maintain a disciplined approach to our cost base and operational efficiency, helping to protect profitability while preserving our ability to invest to capture the long-term growth opportunity ahead.
External costs directly relating to revenue were £27.5m compared to £25.7m in HY25 with the increase being representative of revenue mix during the period with a higher proportion of revenues coming from non-rental activities.
Staff costs of £27.4m represent 27.3% of revenues compared to £27.5m or 27.8% of revenues in HY25, whilst we retained our employee numbers at around 650 since the FY2025 year end.
Other operating costs of £8.6m compare to £9.5m in HY25 with the decrease coming predominantly from facility and IT costs as a result of synergies following the integration of Seatronics and J2 Subsea acquired in late 2024.
Depreciation has increased by £1.4m to £12.8m due to the investment in our equipment fleet. Given the increased scale of the business and the market opportunity ahead of us, we have significantly increased our capital expenditure over the past five years. During H1 our capex to depreciation (excluding depreciation on right of use assets) ratio was 220%.
Solid profitability and returns
The Group delivered operating profit of £21.8m (HY25: £23.2m) with the year-on-year reduction primarily reflecting a lower proportion of rental revenue and lower profit from disposal of assets.
Adjusted EBITA of £25.1m (HY25: £27.0m) represents an EBITA margin of 25.0% (HY25: 27.3%) with this margin a reflection of the different revenue mix and increased depreciation charge.
Net finance costs of £4.3m compares to £5.4m in HY25 as the business has reduced its leverage in the past 12 months.
Adjusted Profit Before Tax of £20.8m compares to £21.6m in HY25.
The tax provision for the period was £4.1m (HY25: £3.9m) representing an effective tax rate of 23.3% (HY25: 22.0%), an increase on prior year due to a higher proportion of profits being generated in higher tax jurisdictions and a deferred tax movement in the period.
Adjusted basic earnings per share of 20.6p compared to 21.9p in HY25.
The adjustments to reported figures are minimal at £0.4m and the reconciliation to reported figures can be found in the appendix to the HY26 accounts.
Cash flow and balance sheet
Net cash generated from operating activities was £20.4m compared to £21.1m in the prior year. Working capital represented 19% of last twelve months revenues compared to 17% at June 2025. The business generally sees higher working capital at the mid-year point and has invested in inventories to support a higher equipment sales revenue stream, including inventory of in-house built proprietary products.
Overall net debt of £116.7m is significantly lower than prior year (HY25: £131.9m) and leverage at 1.4x is in the lower half of our 1-2x range.
Continued investment in our equipment fleet has resulted in an increase in fixed asset net book value (NBV) from £89.9m at June 2025 to £106.7m at June 2026. Our H1 capex spend of £25.9m is more H1 weighted than the prior year equivalent of £20.5m.
Overall net assets increased to £170.4m, up £13.3m since the 2025 year end.
ROIC of 20.5% remains significantly ahead of our cost of capital.
Capital allocation
The Board maintains a flexible approach to capital allocation, balancing investment in attractive organic and inorganic growth opportunities with the potential for additional returns to shareholders.
We continued to execute our bolt-on M&A strategy with the acquisition of Seadraulics Pty Limited on 19 June 2026. The acquisition is strategically important, strengthening our ROV tooling capabilities and establishing a platform for further growth in Australia. With leverage reducing we retain capacity to pursue further selective, value-accretive M&A opportunities aligned with our strategic growth plans.
Our full year dividend for 2025 was paid in May 2026. Consistent with the prior year, the Board has not recommended an interim dividend for HY26 as the Board intends to continue its small, progressive, annual dividend policy.
Significant events and transactions
On 17 March 2026 the Company issued 352,201 newly authorised shares at a subscription price of £0.05 (being the nominal value) to the Employee Benefit Trust in anticipation of the vesting of the LTIP share options awarded on 4 May 2023. The options vested on publication of our full year results for 2025.
On 28 May 2026 the Company paid a dividend totalling £1.0m.
On 19 June 2026, the Group acquired 100% of the issued share capital of Seadraulics Pty Limited ('Seadraulics') which was renamed Ashtead Technology Pty Limited on 1 July 2026.
Principal risks and uncertainties facing the business
The Group has an established risk management reporting framework, as detailed in the Group's 2025 Annual Report and Accounts on pages 41 to 45, a copy of which can be found on the Company website www.ashtead-technology.com.
We continue to review and analyse both existing and emerging risks to understand the potential impact. This work is supported by the development of our internal audit function and reviewed by the Audit Committee chaired by our Senior Independent Non-Executive Director.
There are a number of principal risks that could have a material impact on the Group's performance and could cause actual results to differ materially from expected and historical results. Some of the risks that Ashtead Technology is exposed to could have a material adverse impact on the Group and may affect its performance with actual results becoming materially different from both forecast and historic results. The principal risks of the business are: macro-economic environment, reliance on IT systems and potential breach of security or cyber-attack, health, safety & environmental, compliance & ethics and geopolitical tensions. Details of these risks are presented in the 2025 Annual Report and Accounts. The Group has not identified any new or emerging risks in H1 2026 but notes that it has seen an elevated risk from macro-economic environment and geopolitical tensions given the current situation in the Middle East. We continue to remain vigilant for any indications of further escalation that could adversely impact expected results going forward. The long-term success of the Group depends on the ongoing review, assessment and management of the key business risks it faces.
Responsibility statement
The Directors of Ashtead Technology Holdings plc (set out on page 48 and 49 of the latest Annual Report and Accounts) confirm that to the best of their knowledge:
• the condensed consolidated set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK;
• the interim management report includes a fair review of the information required by:
(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board of Directors
|
Allan Pirie |
Ingrid Stewart |
|
Chief Executive Officer |
Chief Financial Officer |
|
29 August 2026 |
29 August 2026 |
INDEPENDENT REVIEW REPORT TO ASHTEAD TECHNOLOGY HOLDINGS PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
We have been engaged by Ashtead Technology Holdings Plc (the 'Company') and its subsidiaries ("the Group") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following:
· Consolidated income statement;
· Consolidated statement of comprehensive income;
· Consolidated balance sheet;
· Consolidated statement of changes in equity;
· Consolidated cash flow statement; and
· Notes to the consolidated interim financial statements
Basis for conclusion
We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1.2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London, UK
29 August 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Consolidated income statement
|
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
|
Notes |
£000 |
£000 |
£000 |
|
|
Revenue |
3, 4 |
100,189 |
99,135 |
203,195 |
|
|
External costs directly relating to revenue |
3 |
(27,476) |
(25,734) |
(52,063) |
|
|
Staff costs |
3 |
(27,361) |
(27,535) |
(54,143) |
|
|
Other operating costs |
3 |
(8,638) |
(9,541) |
(20,937) |
|
|
Depreciation |
3, 8, 15 |
(12,821) |
(11,377) |
(23,292) |
|
|
Amortisation of intangible assets |
3, 9 |
(2,819) |
(2,994) |
(5,959) |
|
|
Reversal of impairment loss on trade receivables |
3 |
− |
− |
2,727 |
|
|
Other operating income |
3 |
719 |
1,203 |
2,027 |
|
|
Operating profit |
3 |
21,793 |
23,157 |
51,555 |
|
|
Finance income |
5 |
63 |
39 |
164 |
|
|
Finance costs |
5 |
(4,350) |
(5,415) |
(10,486) |
|
|
Profit before taxation |
|
17,506 |
17,781 |
41,233 |
|
|
Taxation charge |
6 |
(4,074) |
(3,912) |
(9,019) |
|
|
Profit for the financial period |
|
13,432 |
13,869 |
32,214 |
|
|
|
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
|
Equity shareholders of the Company |
|
13,432 |
13,869 |
32,214 |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
7 |
16.6 |
17.2 |
40.0 |
|
|
Diluted |
7 |
16.5 |
17.1 |
39.6 |
|
|
The below financial measures are Alternative Performance Measures used by management and are not an IFRS disclosure: |
|
|||||
|
|
|
|
|
|
|
|
|
Adjusted EBITDA^ |
Appendix |
37,876 |
38,397 |
82,425 |
|
|
|
Adjusted EBITA^^ |
Appendix |
25,055 |
27,020 |
59,133 |
|
|
|
Adjusted Profit Before Tax^^^ |
Appendix |
20,768 |
21,644 |
48,811 |
|
|
|
Adjusted Profit After Tax^^^^ |
Appendix |
16,637 |
17,587 |
39,777 |
|
|
|
|
|
|
|
|
||
^ Adjusted EBITDA is calculated as operating profit adjusted to add back depreciation, amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations.
^^ Adjusted EBITA is calculated as operating profit adjusted to add back amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations.
^^^ Adjusted Profit Before Tax is calculated as profit before tax adjusted for amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations.
^^^^ Adjusted Profit After Tax is calculated as profit after tax adjusted for amortisation, foreign exchange movements and items considered one-off in nature, including the tax impact thereof, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations.
All results derive from continuing operations.
Consolidated statement of comprehensive income
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000 |
000 |
000 |
|
Profit for the period |
13,432 |
13,869 |
32,214 |
|
Other comprehensive income/(loss): |
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
Exchange differences on translation of foreign operations |
457 |
(2,884) |
(2,407) |
|
Other comprehensive income/(loss) for the period, net of tax |
457 |
(2,884) |
(2,407) |
|
Total comprehensive income |
13,889 |
10,985 |
29,807 |
|
Total comprehensive income attributable to: Equity shareholders of the Company |
13,889 |
10,985 |
29,807 |
|
|
|
|
|
Consolidated balance sheet
|
|
|
As at 30 June 2026 |
As at 30 June 2025 |
As at 31 December 2025 |
|
|
Notes |
£000 |
£000 |
£000 |
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
8 |
115,655 |
95,908 |
100,371 |
|
Goodwill |
9 |
112,242 |
111,765 |
111,657 |
|
Intangible assets |
9 |
26,510 |
31,960 |
28,995 |
|
Right-of-use assets |
15 |
3,952 |
4,212 |
4,118 |
|
Deferred tax asset |
|
98 |
272 |
116 |
|
|
|
258,457 |
244,117 |
245,257 |
|
Current assets |
|
|
|
|
|
Inventories |
10 |
14,274 |
13,034 |
11,583 |
|
Trade and other receivables |
11 |
60,320 |
56,932 |
50,768 |
|
Income tax recoverable |
|
1,014 |
421 |
1,592 |
|
Cash and cash equivalents |
|
8,861 |
11,959 |
14,073 |
|
|
|
84,469 |
82,346 |
78,016 |
|
Total Assets |
|
342,926 |
326,463 |
323,273 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
12 |
34,771 |
33,660 |
29,083 |
|
Income tax payable |
|
1,750 |
− |
3,906 |
|
Lease liabilities |
15 |
1,754 |
1,450 |
1,717 |
|
|
|
38,275 |
35,110 |
34,706 |
|
Non-current liabilities |
|
|
|
|
|
Loans and borrowings |
13 |
121,442 |
139,390 |
118,467 |
|
Lease liabilities |
15 |
2,383 |
3,042 |
2,798 |
|
Deferred tax liability |
|
9,960 |
10,691 |
9,778 |
|
Provisions for liabilities |
|
516 |
367 |
436 |
|
|
|
134,301 |
153,490 |
131,479 |
|
Total liabilities |
|
172,576 |
188,600 |
166,185 |
|
Equity |
|
|
|
|
|
Share capital |
18 |
4,049 |
4,031 |
4,031 |
|
Share premium |
18 |
14,115 |
14,115 |
14,115 |
|
Merger reserve |
18 |
9,435 |
9,435 |
9,435 |
|
Foreign currency translation reserve |
18 |
(2,240) |
(3,174) |
(2,697) |
|
Retained earnings |
18 |
144,991 |
113,456 |
132,204 |
|
Total equity |
|
170,350 |
137,863 |
157,088 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
342,926 |
326,463 |
323,273 |
Consolidated statement of changes in equity
|
|
Share capital |
Share premium |
Merger reserve |
Foreign currency translation reserve |
Retained earnings* |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
At 1 January 2025 |
4,016 |
14,115 |
9,435 |
(290) |
100,052 |
127,328 |
|
Profit for the period |
− |
− |
− |
− |
13,869 |
13,869 |
|
Other comprehensive loss |
− |
− |
− |
(2,884) |
− |
(2,884) |
|
Total comprehensive income |
− |
− |
− |
(2,884) |
13,869 |
10,985 |
|
Share based payment charge |
− |
− |
− |
− |
659 |
659 |
|
Deferred tax on share based payment charge |
− |
− |
− |
− |
(144) |
(144) |
|
Issue of shares |
15 |
− |
− |
− |
(15) |
− |
|
Dividends paid |
− |
− |
− |
- |
(965) |
(965) |
|
At 30 June 2025 |
4,031 |
14,115 |
9,435 |
(3,174) |
113,456 |
137,863 |
|
Profit for the period |
− |
− |
− |
− |
18,345 |
18,345 |
|
Other comprehensive income |
− |
− |
− |
477 |
− |
477 |
|
Total comprehensive income |
− |
− |
− |
477 |
18,345 |
18,822 |
|
Share based payment charge |
− |
− |
− |
− |
487 |
487 |
|
Deferred tax on share based payment charge |
− |
− |
− |
− |
(138) |
(138) |
|
Current tax on share based payment charge |
− |
− |
− |
− |
54 |
54 |
|
At 31 December 2025 |
4,031 |
14,115 |
9,435 |
(2,697) |
132,204 |
157,088 |
|
Profit for the period |
− |
− |
− |
− |
13,432 |
13,432 |
|
|
|
|
|
|
|
|
|
Other comprehensive income |
− |
− |
− |
457 |
− |
457 |
|
Total comprehensive income |
− |
− |
− |
457 |
13,432 |
13,889 |
|
Share based payment charge |
− |
− |
− |
− |
331 |
331 |
|
Deferred tax on share based payment charge |
− |
− |
− |
− |
88 |
88 |
|
Issue of shares |
18 |
− |
− |
− |
(18) |
− |
|
Dividends paid |
− |
− |
− |
− |
(1,046) |
(1,046) |
|
At 30 June 2026 |
4,049 |
14,115 |
9,435 |
(2,240) |
144,991 |
170,350 |
* Management decided to transfer the share-based payment reserve into retained earnings, which has been applied retrospectively, and the comparative period consolidated balance sheet as at 30 June 2025 and consolidated statement of changes in equity as at 30 June 2025 have been restated. There is no change in the comparative amount for total equity as disclosed in the 2025 condensed consolidated interim financial statements due to the change in presentation.
Consolidated cash flow statement
|
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
Notes |
£000 |
£000 |
£000 |
|
Cash generated from operating activities |
|
|
|
|
|
Profit before taxation |
|
17,506 |
17,781 |
41,233 |
|
Adjustments to reconcile profit before taxation to net cash from operating activities |
|
|
|
|
|
Finance income |
5 |
(63) |
(39) |
(164) |
|
Finance costs |
5 |
4,350 |
5,415 |
10,486 |
|
Depreciation |
8, 15 |
12,821 |
11,377 |
23,292 |
|
Amortisation of intangible assets |
9 |
2,819 |
2,994 |
5,959 |
|
Gain on sale of property, plant and equipment |
|
(719) |
(1,203) |
(2,027) |
|
Share based payment charges (including employer's national insurance) |
|
470 |
1,129 |
1,099 |
|
Provision for bad debts movement |
|
− |
− |
(1,469) |
|
Provision for liabilities movement |
|
75 |
(63) |
25 |
|
Cash generated before changes in working capital |
|
37,259 |
37,391 |
78,434 |
|
Increase in inventories |
|
(3,507) |
(5,310) |
(4,057) |
|
(Increase)/decrease in trade and other receivables |
|
(9,330) |
(6,094) |
190 |
|
Increase/(decrease) in trade and other payables |
|
4,970 |
2,348 |
(1,350) |
|
Cash inflow from operations |
|
29,392 |
28,335 |
73,217 |
|
Interest paid |
|
(3,830) |
(4,908) |
(9,410) |
|
Tax paid |
|
(5,185) |
(2,335) |
(6,186) |
|
Net cash generated from operating activities |
|
20,377 |
21,092 |
57,621 |
|
Cash flow used in investing activities |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(25,857) |
(20,484) |
(37,198) |
|
Proceeds from customer loss/damage of assets held for rental |
|
1,420 |
2,552 |
4,369 |
|
Acquisition of subsidiary undertakings net of cash acquired |
|
(909) |
(1,272) |
(112) |
|
Proceeds on disposal of assets held for sale |
|
− |
550 |
1,000 |
|
Interest received |
|
63 |
39 |
164 |
|
Net cash used in investing activities |
|
(25,283) |
(18,615) |
(31,777) |
|
Cash flow generated/(used in) from financing activities |
|
|
|
|
|
Loans received |
14 |
7,000 |
5,000 |
13,424 |
|
Repayment of bank loans |
14 |
(4,500) |
(3,589) |
(33,344) |
|
Payment of lease liability |
14 |
(1,341) |
(1,054) |
(2,161) |
|
Payment of finance lease liability |
14 |
− |
(9) |
(9) |
|
Dividends paid |
|
(1,046) |
(965) |
(965) |
|
Net cash generated/(used in) from financing activities |
|
113 |
(617) |
(23,055) |
|
Net (decrease)/increase in cash and cash equivalents |
|
(4,793) |
1,860 |
2,789 |
|
Cash and cash equivalents at beginning of the period |
|
14,073 |
12,168 |
12,168 |
|
Net foreign exchange difference |
|
(419) |
(2,069) |
(884) |
|
Cash and cash equivalents at end of the period |
|
8,861 |
11,959 |
14,073 |
|
Non-cash transaction from investing activities |
|
|
|
|
|
Settlement of remaining acquisition consideration through offset against trade receivables |
|
− |
− |
(1,681) |
Notes to the consolidated interim financial statements
1. General information
1.1 Background
Ashtead Technology Holdings plc (the "Company") is a public limited company incorporated in the United Kingdom under the Companies Act 2006, whose shares are traded on the London Stock Exchange. The condensed consolidated interim financial statements of the Company for the six-month period ended 30 June 2026 comprise the Company and its interest in subsidiaries (together referred to as the "Group"). The Company is domiciled in the United Kingdom and its registered address is c/o AMBA Company Secretarial Services Limited, 4th Floor, One Kingdom Street, Paddington Central, London, W2 6BD, United Kingdom. The Company registration number is 13424040.
1.2 Basis of preparation
The annual consolidated financial statements of Ashtead Technology Holdings plc will be prepared in accordance with UK-adopted International Accounting Standards. These condensed consolidated interim financial statements for the six-month period ended 30 June 2026 have been prepared in accordance with UK adopted International Accounting Standard ("IAS") 34, 'Interim Financial Reporting' and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
The financial information for the six-month period ended 30 June 2026 has been reviewed by the Group's auditors, BDO LLP, but is unaudited. The financial information for the six-month period ended 30 June 2026 does not constitute statutory financial statements within the meaning of Section 434 of the Companies Act 2006. This report should be read in conjunction with the Group's Annual Report and Accounts as at and for the year ended 31 December 2025 ("last Annual Report and Accounts"), which were prepared in accordance with UK-adopted International Accounting Standards. The last Annual Report and Accounts have been filed with the Registrar of Companies and are available from the Group's website (www.ashtead-technology.com). The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The condensed consolidated interim financial statements unless otherwise stated are presented in sterling, to the nearest thousand. The functional currency of the Company is sterling.
The condensed consolidated interim financial statements were approved by the Board of Directors on 28 August 2026.
1.3 Going concern
These condensed consolidated financial statements of the Group are prepared on a going concern basis. The Directors of the Group assert that the preparation of the condensed consolidated financial statements on a going concern basis is appropriate, which is based upon a review of the future forecast performance of the Group for an eighteen-month period ending 31 December 2027.
During the six months ended 30 June 2026 the Group has continued to generate positive cash flow from operating activities, with a cash and cash equivalents balance of £8,861,000 at 30 June 2026 (31 December 2025: £14,073,000). The Group has access to a multi-currency RCF and additional accordion facility, which have total commitments of £170,000,000 and £40,000,000 respectively, both of which expire in April 2028. The accordion facility is subject to credit approval. As at 30 June 2026 the RCF had an undrawn balance of £47,984,000 on the £170,000,000 facility available and the £40,000,000 accordion facility was undrawn.
The Facility Agreement is subject to a leverage covenant of 3.0x and an interest cover covenant of 4:1, which are both to be tested on a quarterly basis. The Group has complied with all covenants from entering the Facility Agreement until the date of these financial statements.
The Group monitors its funding and liquidity position throughout the period to ensure it has sufficient funds to meet its ongoing cash requirements. Cash forecasts are produced based on a number of inputs such as estimated revenues, margins, overheads, collection and payment terms, capex requirements and the payment of interest and capital on its existing debt facilities. Consideration is also given to the availability of bank facilities and events that have occurred in the post balance sheet period. In preparing these forecasts, the Directors have considered the principal risks and uncertainties to which the business is exposed.
Taking account of reasonable changes in trading performance and bank facilities available, the application of severe but plausible downside scenarios to the forecasts, the cash forecasts prepared by management and reviewed by the Directors indicate that the Group is cash generative and has adequate financial resources to continue to trade for the foreseeable future and to meet its obligations as they fall due over the twelve months following the date of approval of the financial statements.
2. Accounting policies
The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies set out on pages 98-105 of the last Annual Report and Accounts except for the following:
Taxation
Tax on income in the interim periods are accrued using management's best estimate of the weighted average annual tax rate that would be applicable to expected total annual earnings.
2.1 Critical accounting judgements and estimates
In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas of critical accounting estimate which have the greatest potential effect on the amounts recognised in these financial statements are the provision for bad debts and inventory provision. There are no areas of critical accounting judgement. This is consistent with matters disclosed on page 105 of the last Annual Report and Accounts.
2.2 Standards, amendments, and interpretations not yet effective
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. With the exception of IFRS 18, these standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. The impact of IFRS 18 on the Group is currently being assessed, however there is no impact on presentation for the Group in the current year given the effective date of adoption is for periods beginning on or after 1 January 2027.
2.3 Standards and amendments effective for the period
There are no new or amended standards or interpretations from 1 January 2026 onwards that have a significant impact on the accounting policies and reporting.
3. Segmental analysis
The Chief Operating Decision Maker ("CODM") is determined as the Group's Board of Directors. The CODM reviews the internal management reports of each geographic region monthly as part of the monthly management reporting. The operations within each of the regional segments display similar economic characteristics. There are no reportable segments which have been aggregated for the purpose of the disclosure of segment information.
The Group operates in the following four geographic regions, which have been determined as the Group's reportable segments. The operations of each geographic region are similar.
· Europe
· Americas
· Asia-Pacific
· Middle East
For the six-month period ended 30 June 2026
|
|
Europe £000 |
Americas £000 |
Asia Pacific £000 |
Middle East £000 |
Central £000 |
Total £000 |
|
Total revenue |
70,491 |
14,397 |
8,080 |
7,221 |
- |
100,189 |
|
External costs directly relating to revenue |
(19,017) |
(3,728) |
(2,935) |
(1,796) |
- |
(27,476) |
|
Staff costs |
(16,521) |
(3,829) |
(1,513) |
(1,282) |
(4,216) |
(27,361) |
|
Other operating costs* |
(4,506) |
(1,504) |
(554) |
(311) |
(1,720) |
(8,595) |
|
Other operating income** |
622 |
75 |
(16) |
38 |
- |
719 |
|
Operating profit before depreciation, amortisation and foreign exchange gain/(loss) |
31,069 |
5,411 |
3,062 |
3,870 |
(5,936) |
37,476 |
|
Foreign exchange gain/(loss) |
(504) |
154 |
(118) |
75 |
350 |
(43) |
|
Depreciation |
(8,866) |
(1,862) |
(1,071) |
(943) |
(79) |
(12,821) |
|
Amortisation |
(2,597) |
(109) |
(80) |
(33) |
- |
(2,819) |
|
Operating profit |
19,102 |
3,594 |
1,793 |
2,969 |
(5,665) |
21,793 |
|
Finance income |
|
|
|
|
|
63 |
|
Finance costs |
|
|
|
|
|
(4,350) |
|
Profit before taxation |
|
|
|
|
|
17,506 |
|
Taxation charge |
|
|
|
|
|
(4,074) |
|
Profit for the financial year |
|
|
|
|
|
13,432 |
|
|
|
|
|
|
|
|
|
Total assets |
258,169 |
34,744 |
21,642 |
17,425 |
10,946 |
342,926 |
|
Total liabilities |
29,343 |
6,468 |
3,658 |
2,505 |
130,602 |
172,576 |
For the six-month period ended 30 June 2025
|
|
Europe £000 |
Americas £000 |
Asia Pacific £000 |
Middle East £000 |
Central £000 |
Total £000 |
|
Total revenue |
65,585 |
14,146 |
11,617 |
7,787 |
- |
99,135 |
|
External costs directly relating to revenue |
(15,206) |
(5,201) |
(3,833) |
(1,494) |
- |
(25,734) |
|
Staff costs |
(16,639) |
(4,000) |
(1,665) |
(1,273) |
(3,958) |
(27,535) |
|
Other operating costs* |
(5,239) |
(1,244) |
(682) |
(530) |
(1,560) |
(9,255) |
|
Other operating income** |
916 |
135 |
123 |
29 |
- |
1,203 |
|
Operating profit before depreciation, amortisation and foreign exchange gain/(loss) |
29,417 |
3,836 |
5,560 |
4,519 |
(5,518) |
37,814 |
|
Foreign exchange gain/(loss) |
718 |
(907) |
(525) |
(1,032) |
1,460 |
(286) |
|
Depreciation |
(8,065) |
(1,456) |
(1,162) |
(620) |
(74) |
(11,377) |
|
Amortisation |
(2,778) |
(110) |
(73) |
(33) |
- |
(2,994) |
|
Operating profit |
19,292 |
1,363 |
3,800 |
2,834 |
(4,132) |
23,157 |
|
Finance income |
|
|
|
|
|
39 |
|
Finance costs |
|
|
|
|
|
(5,415) |
|
Profit before taxation |
|
|
|
|
|
17,781 |
|
Taxation charge |
|
|
|
|
|
(3,912) |
|
Profit for the financial year |
|
|
|
|
|
13,869 |
|
|
|
|
|
|
|
|
|
Total assets |
248,563 |
30,467 |
20,620 |
13,180 |
13,633 |
326,463 |
|
Total liabilities |
29,723 |
5,428 |
4,276 |
1,772 |
147,401 |
188,600 |
For the year ended 31 December 2025
|
|
Europe £000 |
Americas £000 |
Asia Pacific £000 |
Middle East £000 |
Central £000 |
Total £000 |
|
Total revenue |
135,927 |
29,258 |
20,240 |
17,770 |
- |
203,195 |
|
External costs directly relating to revenue |
(31,892) |
(10,520) |
(5,966) |
(3,685) |
- |
(52,063) |
|
Staff costs |
(33,029) |
(7,349) |
(3,547) |
(2,571) |
(7,647) |
(54,143) |
|
Other operating costs* |
(9,057) |
(2,917) |
197 |
(1,072) |
(4,954) |
(17,803) |
|
Other operating income** |
1,505 |
75 |
269 |
178 |
- |
2,027 |
|
Operating profit before depreciation, amortisation and foreign exchange gain/(loss) |
63,454 |
8,547 |
11,193 |
10,620 |
(12,601) |
81,213 |
|
Foreign exchange gain/(loss) |
1,533 |
(657) |
(500) |
(827) |
44 |
(407) |
|
Depreciation |
(16,801) |
(2,890) |
(2,269) |
(1,186) |
(146) |
(23,292) |
|
Amortisation |
(5,527) |
(219) |
(147) |
(66) |
- |
(5,959) |
|
Operating profit |
42,659 |
4,781 |
8,277 |
8,541 |
(12,703) |
51,555 |
|
Finance income |
|
|
|
|
|
164 |
|
Finance costs |
|
|
|
|
|
(10,486) |
|
Profit before taxation |
|
|
|
|
|
41,233 |
|
Taxation charge |
|
|
|
|
|
(9,019) |
|
Profit for the financial year |
|
|
|
|
|
32,214 |
|
|
|
|
|
|
|
|
|
Total assets |
243,400 |
31,134 |
17,763 |
15,918 |
15,058 |
323,273 |
|
Total liabilities |
29,272 |
6,224 |
2,560 |
2,422 |
125,707 |
166,185 |
* Excluding foreign exchange gain/(loss) and including reversal of impairment loss on trade receivables
** Other operating income relates to the gain on sale of property, plant and equipment and arises from compensation from third parties for items of property, plant and equipment that were lost, given up or damaged beyond repair by customers. The gross compensation proceeds are disclosed in the consolidated cash flow statement.
Central costs represent expenses which are not directly attributable to any single operating segment. The costs have not been allocated to individual operating segments, as this activity is managed centrally.
Revenues for each geographic segment are determined based on the facility from which the equipment and services are provided.
No single customer or group of customers under common control account for 10% or more of Group revenue.
The carrying value of non-current assets, other than deferred tax assets, split by the geographical segment in which the assets are held is as follows:
|
|
As at 30 June 2026 £000 |
As at 30 June 2025 £000 |
As at 31 December 2025 £000 |
|
|
|
|
Europe |
205,846 |
201,378 |
201,440 |
|
|
|
|
Americas |
25,160 |
20,954 |
20,861 |
|
|
|
|
Asia Pacific |
15,928 |
13,959 |
13,953 |
|
|
|
|
Middle East |
11,425 |
7,554 |
8,887 |
|
|
|
4. Revenue
The Group generates revenue from the provision of equipment, sale of equipment and provision of related services. The revenue is attributable to the continuing activities of the provision of equipment, selling equipment or providing a service. All revenue from the provision of equipment is expected to be settled within 12 months.
Major products and services and timing of revenue recognition of revenue:
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
Provision of equipment |
71,479 |
74,382 |
152,170 |
|
Sale of equipment, transferred at a point in time |
15,014 |
10,700 |
23,166 |
|
Provision of related services, transferred over time |
13,696 |
14,053 |
27,859 |
|
Total revenue |
100,189 |
99,135 |
203,195 |
Revenue recognised from provision of equipment is recognised under IFRS 16. Revenue from contracts with customers for sale of equipment and provision of related services is also disaggregated by primary geographical market:
|
Primary geographical markets |
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
Europe |
20,690 |
17,401 |
37,085 |
|
Americas |
3,780 |
3,978 |
7,417 |
|
Asia Pacific |
2,695 |
2,216 |
3,695 |
|
Middle East |
1,545 |
1,158 |
2,828 |
|
Equipment sales and other services |
28,710 |
24,753 |
51,025 |
5. Finance income and costs
|
Finance income |
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
Bank Interest receivable |
63 |
39 |
164 |
|
Finance costs |
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
Interest on bank loans (held at amortised cost) |
3,824 |
4,908 |
9,411 |
|
Amortisation of deferred finance costs |
383 |
383 |
765 |
|
Interest expense on lease liability (Note 15) |
142 |
124 |
309 |
|
Other interest and charges |
1 |
- |
1 |
|
|
4,350 |
5,415 |
10,486 |
6. Tax
The tax expense for the six-month period ended 30 June 2026 is based upon management's best estimate of the weighted average annual tax rate expected for each jurisdiction for the full year ending 31 December 2026 applied to the profit before tax for the interim period. The effective tax rate for the six-month period ended 30 June 2026 is 23.3% and the income tax expense is lower than the standard UK rate of 25% for the period due to lower tax rates in overseas jurisdictions. The effective tax rate for the year ended 31 December 2025 was 21.9% and the income tax expense was lower than the standard UK rate of 25% during 2025 due to lower tax rates in overseas jurisdictions.
7. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of Ordinary Shares in issue during the period.
Diluted earnings per share
For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Group has potentially dilutive Ordinary Shares arising from share options granted to employees under the share schemes as detailed in Note 17 of these condensed consolidated interim financial statements.
Adjusted earnings per share
Earnings attributable to ordinary shareholders of the Group for the period, adjusted to remove the impact of adjusting items and the tax impact of these, divided by the weighted average number of Ordinary Shares outstanding during the period.
|
|
Adjusted Six months to 30 June 2026 |
Statutory Six months to 30 June 2026 |
Adjusted Six months to 30 June 2025 |
Statutory Six months to 30 June 2025 |
Adjusted Year ended 31 December 2025 |
Statutory Year ended 31 December 2025 |
|
Earnings attributable to equity shareholders of the Group: |
|
|
|
|
|
|
|
Profit for the period (£000) |
16,637* |
13,432 |
17,587* |
13,869 |
39,777* |
32,214 |
|
Number of shares: |
|
|
|
|
|
|
|
Weighted average number of Ordinary Shares at period end |
80,816,836 |
80,816,836 |
80,480,162 |
80,480,162 |
80,552,771 |
80,552,771 |
|
Add dilutive effect of share based payment plans |
547,544 |
547,544 |
638,877 |
638,887 |
777,771 |
777,771 |
|
Weighted average number of Ordinary Shares for calculating diluted earnings per share at period end |
81,364,380 |
81,364,380 |
81,119,039 |
81,119,039 |
81,330,542 |
81,330,542 |
|
Earnings per share attributable to equity holders of the Group - continuing operations: |
|
|
|
|
|
|
|
Basic earnings per share (pence) |
20.6 |
16.6 |
21.9 |
17.2 |
49.4 |
40.0 |
|
Diluted earnings per share (pence) |
20.4 |
16.5 |
21.7 |
17.1 |
48.9 |
39.6 |
* Refer to the Appendix for the reconciliation of Alternative Performance Measures.
8. Property, plant and equipment
|
|
Assets held for rental |
Assets under construction |
Leasehold improvements |
Freehold property |
Fixtures and fittings |
Motor vehicles |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Cost: |
|
|
|
|
|
|
|
|
At 1 January 2025 |
188,140 |
2,906 |
1,999 |
3,508 |
5,871 |
275 |
202,699 |
|
Additions |
19,439 |
751 |
134 |
− |
404 |
− |
20,728 |
|
Transfer |
3,463 |
(3,463) |
− |
− |
− |
− |
− |
|
Disposals |
(22,420) |
- |
(354) |
− |
(2,039) |
− |
(24,813) |
|
Foreign exchange movements |
(3,264) |
- |
(20) |
− |
(110) |
(12) |
(3,406) |
|
At 30 June 2025 |
185,358 |
194 |
1,759 |
3,508 |
4,126 |
263 |
195,208 |
|
Additions |
14,317 |
1,806 |
150 |
− |
197 |
- |
16,470 |
|
Transfer |
105 |
(105) |
− |
− |
− |
− |
− |
|
Disposals |
(6,321) |
- |
(7) |
- |
(18) |
− |
(6,346) |
|
Foreign exchange movements |
564 |
- |
5 |
- |
28 |
4 |
601 |
|
At 31 December 2025 |
194,023 |
1,895 |
1,907 |
3,508 |
4,333 |
267 |
205,933 |
|
Acquisitions |
77 |
- |
- |
- |
67 |
9 |
153 |
|
Fair value adjustment on acquisitions |
1,182 |
- |
- |
- |
- |
- |
1,182 |
|
Additions |
22,150 |
2,701 |
66 |
219 |
609 |
112 |
25,857 |
|
Transfer |
1,659 |
(1,659) |
- |
- |
- |
- |
- |
|
Disposals |
(1,664) |
(385) |
(396) |
- |
(4) |
(3) |
(2,452) |
|
Foreign exchange movements |
1,534 |
- |
3 |
- |
14 |
4 |
1,555 |
|
At 30 June 2026 |
218,961 |
2,552 |
1,580 |
3,727 |
5,019 |
389 |
232,228 |
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation: |
|
|
|
|
|
|
|
|
At 1 January 2025 |
(109,543) |
- |
(1,442) |
(127) |
(4,044) |
(218) |
(115,374) |
|
Charge for the period |
(9,927) |
- |
(111) |
(28) |
(297) |
(30) |
(10,393) |
|
Disposals |
21,457 |
- |
355 |
- |
2,043 |
- |
23,855 |
|
Foreign exchange movements |
2,509 |
- |
13 |
- |
73 |
17 |
2,612 |
|
At 30 June 2025 |
(95,504) |
- |
(1,185) |
(155) |
(2,225) |
(231) |
(99,300) |
|
Charge for the period |
(10,413) |
- |
(105) |
(28) |
(303) |
(10) |
(10,859) |
|
Disposals |
5,327 |
- |
6 |
- |
14 |
- |
5,347 |
|
Foreign exchange movements |
(730) |
- |
(4) |
- |
(13) |
(3) |
(750) |
|
At 31 December 2025 |
(101,320) |
- |
(1,288) |
(183) |
(2,527) |
(244) |
(105,562) |
|
Charge for the period |
(11,297) |
- |
(94) |
(30) |
(319) |
(17) |
(11,757) |
|
Disposals |
1,356 |
- |
375 |
- |
- |
- |
1,731 |
|
Foreign exchange movements |
(975) |
- |
3 |
- |
(9) |
(4) |
(985) |
|
At 30 June 2026 |
(112,236) |
- |
(1,004) |
(213) |
(2,855) |
(265) |
(116,573) |
|
|
|
|
|
|
|
|
|
|
Net book value: |
|
|
|
|
|
|
|
|
At 30 June 2025 |
89,854 |
194 |
574 |
3,353 |
1,901 |
32 |
95,908 |
|
At 31 December 2025 |
92,703 |
1,895 |
619 |
3,325 |
1,806 |
23 |
100,371 |
|
At 30 June 2026 |
106,725 |
2,552 |
576 |
3,514 |
2,164 |
124 |
115,655 |
9. Goodwill and intangible assets
|
|
Goodwill £000 |
Customer relationships £000 |
Trade name £000 |
Non-compete arrangements £000 |
Documented processes £000 |
Computer software £000 |
Total £000 |
|
Cost: At 1 January 2025 |
112,183 |
38,452 |
544 |
4,616 |
1,377 |
8 |
157,180 |
|
Foreign exchange movements |
(418) |
− |
− |
− |
− |
− |
(418) |
|
At 30 June 2025 |
111,765 |
38,452 |
544 |
4,616 |
1,377 |
8 |
156,762 |
|
Adjustment |
(194) |
− |
− |
− |
− |
− |
(194) |
|
Foreign exchange movements |
86 |
− |
− |
− |
− |
(1) |
85 |
|
At 31 December 2025 |
111,657 |
38,452 |
544 |
4,616 |
1,377 |
7 |
156,653 |
|
Acquisitions |
573 |
334 |
− |
− |
− |
− |
907 |
|
Foreign exchange movements |
12 |
− |
− |
− |
− |
− |
12 |
|
At 30 June 2026 |
112,242 |
38,786 |
544 |
4,616 |
1,377 |
7 |
157,572 |
|
Amortisation: |
|
|
|
|
|
|
|
|
At 1 January 2025 |
− |
(8,298) |
(295) |
(1,294) |
(148) |
(8) |
(10,043) |
|
Charge for the period |
− |
(2,330) |
(136) |
(459) |
(69) |
− |
(2,994) |
|
At 30 June 2025 |
− |
(10,628) |
(431) |
(1,753) |
(217) |
(8) |
(13,037) |
|
Charge for the period |
− |
(2,331) |
(113) |
(452) |
(69) |
− |
(2,965) |
|
Foreign exchange movements |
− |
− |
− |
− |
− |
1 |
1 |
|
At 31 December 2025 |
− |
(12,959) |
(544) |
(2,205) |
(286) |
(7) |
(16,001) |
|
|
|
|
|
|
|
|
|
|
Charge for the period |
− |
(2,337) |
− |
(413) |
(69) |
− |
(2,819) |
|
At 30 June 2026 |
− |
(15,296) |
(544) |
(2,618) |
(355) |
(7) |
(18,820) |
|
Net book value: |
|
|
|
|
|
|
|
|
At 30 June 2025 |
111,765 |
27,824 |
113 |
2,863 |
1,160 |
− |
143,725 |
|
At 31 December 2025 |
111,657 |
25,493 |
− |
2,411 |
1,091 |
− |
140,652 |
|
At 30 June 2026 |
112,242 |
23,490 |
− |
1,998 |
1,022 |
− |
138,752 |
Goodwill has arisen on the acquisition of the following subsidiaries: Amazon Group Limited (the parent company of the existing Ashtead Technology Group at the time of acquisition, in April 2016), TES Survey Equipment Services LLC, Welaptega Marine Limited, Aqua-Tech Solutions LLC and its subsidiary Alpha Subsea LLC, Underwater Cutting Solutions Limited, WeSubsea AS and its subsidiary WeSubsea UK Limited, Hiretech Limited, Rathmay Limited and its subsidiaries Alfred Cheyne Engineering Limited, ACE Winches Inc, ACE Winches DMCC and ACE Winches Norge AS, Seascan Limited and J2 Subsea Limited and their subsidiaries Geoscan Group Limited, Seatronics Inc, Seatronics PTE Limited and Seatronics Limited, and Seadraulics PTY Limited as well as the acquisition of the trade and assets of Forum Subsea Rentals, a division of Forum Energy Technologies (UK) Limited, Forum Energy Asia Pacific PTE Ltd and Forum US, Inc.
The Group tests annually for impairment, or more frequently if there are indicators that goodwill, intangible assets and property, plant & equipment might be impaired. In preparing the condensed consolidated financial statements for the six months ended 30 June 2026, the Group has considered whether any indicators of impairment exist, that may indicate that the carrying amount of any of the CGUs may not be recoverable. As part of this assessment, the Group reviewed the key assumptions underlying the value-in-use calculations used in the 2025 annual impairment test. This included comparisons of performance in the period and the latest outlook for 2026 against budget, review of the latest external market outlook, as well as considering possible changes in discount rates used to discount the cash flow projections and long-term growth rates. There were no indicators of impairment relating to goodwill, intangible assets and property, plant & equipment at 30 June 2026.
For each of the operating segments to which goodwill, intangible assets and property, plant & equipment has been allocated, the recoverable amount has been determined on the basis of a value in use calculation. In each case, the value in use was found to be greater than the carrying amount of the group of CGUs to which the goodwill, intangible assets and property, plant & equipment has been allocated. Accordingly, no impairment to goodwill, intangible assets or property, plant & equipment has been recognised. The value in use has been determined by discounting future cash flows forecast to be generated by the relevant regional segment. The key assumptions on which management has based its cash flow projections are the same as those used in the last Annual Report and Accounts.
10. Inventories
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Raw materials and consumables |
14,274 |
13,034 |
11,583 |
The cost of inventories recognised as an expense and included in external costs directly relating to revenue during the period was £4,319,000 (H1 2025: £4,963,000). The impairment loss recognised during the period was £200,000 (H1 2025: £13,000 loss reversal).
11. Trade and other receivables
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Trade receivables |
49,047 |
46,828 |
40,712 |
|
Prepayments |
5,749 |
7,227 |
5,358 |
|
Contract assets |
1,086 |
310 |
1,561 |
|
Accrued income |
4,438 |
2,567 |
3,137 |
|
|
60,320 |
56,932 |
50,768 |
The Directors consider that the carrying amount of trade receivables, contract assets and accrued income approximates to fair value. The reversal of provision for doubtful debts recognised during the period was £419,000 (H1 2025: £610,000 reversal of provision).
12. Trade and other payables
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Trade payables |
8,947 |
11,705 |
9,511 |
|
Contract liabilities |
− |
672 |
− |
|
Accruals |
25,824 |
21,283 |
19,572 |
|
|
34,771 |
33,660 |
29,083 |
The Directors consider that the carrying amount of trade payable, contract liabilities and accruals equates to fair value.
13. Loans and borrowings
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Non-current |
|
|
|
|
Bank loans (held at amortised cost) |
121,442 |
139,390 |
118,467 |
Certain companies within the Group are party to cross guarantees with respect to bank loans totalling £122,016,000 (H1 2025: £140,729,000) advanced to Ashtead Technology Limited and Ashtead Technology Offshore Inc. The lenders have a floating charge over the assets of certain entities within the Group.
Bank loans are repayable as follows:
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Within one year |
− |
− |
− |
|
Within one to two years |
122,016 |
− |
− |
|
Within two to three years |
− |
140,729 |
119,424 |
|
Within three to four years |
− |
− |
− |
|
Within four to five years |
− |
− |
− |
|
|
122,016 |
140,729 |
119,424 |
|
Deferred finance costs |
(574) |
(1,339) |
(957) |
|
|
121,442 |
139,390 |
118,467 |
14. Financing liabilities reconciliation
|
|
1 January 2025 |
Cash flows |
Interest paid / (received) |
Other non-cash changes |
Changes in exchange rates |
30 June 2025 |
|
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
Cash at bank and in hand |
12,168 |
1,861 |
(162) |
162 |
(2,070) |
11,959 |
|
|
Bank loans |
(137,669) |
(1,411) |
4,907 |
(5,290) |
73 |
(139,390) |
|
|
Lease liabilities |
(2,845) |
1,054 |
124 |
(2,581) |
(244) |
(4,492) |
|
|
Finance lease liability |
(9) |
9 |
- |
- |
- |
- |
|
|
Net debt |
(128,355) |
1,513 |
4,869 |
(7,709) |
(2,241) |
(131,923) |
|
The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period.
|
|
30 June 2025 |
Cash flows |
Interest paid / (received) |
Other non-cash changes |
Changes in exchange rates |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Cash at bank and in hand |
11,959 |
940 |
(2) |
2 |
1,174 |
14,073 |
|
Bank loans |
(139,390) |
21,331 |
4,503 |
(4,886) |
(25) |
(118,467) |
|
Lease liabilities |
(4,492) |
1,107 |
185 |
(1,007) |
(308) |
(4,515) |
|
Net debt |
(131,923) |
23,378 |
4,686 |
(5,891) |
841 |
(108,909) |
The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period.
|
|
31 December 2025 |
Cash flows |
Acquisitions |
Interest paid / (received) |
Other non-cash changes |
Changes in exchange rates |
30 June 2026 |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Cash at bank and in hand |
14,073 |
(5,462) |
669 |
(62) |
62 |
(419) |
8,861 |
|
Bank loans |
(118,467) |
(2,500) |
- |
3,828 |
(4,207) |
(96) |
(121,442) |
|
Lease liabilities |
(4,515) |
1,341 |
(95) |
142 |
(854) |
(156) |
(4,137) |
|
Net debt |
(108,909) |
(6,621) |
574 |
3,908 |
(4,999) |
(671) |
(116,718) |
The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period.
15. Leases
Leases as lessee
The Group leases warehouses, offices and other facilities in different locations (UK, UAE, Singapore, Canada, USA, Norway). The lease terms range from 2 to 15 years with an option to renew available for some of the leases. The Group has elected not to recognise right-of-use assets and lease liabilities for leases that are short-term and/or of low-value items. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Further information about leases is presented below:
a) Amounts recognised in consolidated balance sheet
|
Right-of-use assets |
£000 |
|
Balance at 1 January 2025 |
2,627 |
|
Additions to right-of-use assets |
2,824 |
|
Depreciation charge for the period |
(984) |
|
Effects of movements in exchange rates |
(255) |
|
Balance at 30 June 2025 |
4,212 |
|
Additions to right-of-use assets |
764 |
|
Depreciation charge for the period |
(1,056) |
|
Effects of movements in change rates |
198 |
|
Balance at 31 December 2025 |
4,118 |
|
Additions to right-of-use assets |
854 |
|
Acquisition of right-of-use assets |
95 |
|
Depreciation charge for the period |
(1,064) |
|
Effects of movements in exchange rates |
(51) |
|
Balance at 30 June 2026 |
3,952 |
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
Lease liabilities: |
£000 |
£000 |
£000 |
|
Current |
1,754 |
1,450 |
1,717 |
|
Non-current |
2,383 |
3,042 |
2,798 |
|
Total lease liabilities |
4,137 |
4,492 |
4,515 |
b) Amounts recognised in the income statement
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Depreciation charge |
1,064 |
984 |
2,040 |
|
Interest expense on lease liability |
142 |
124 |
309 |
|
Expenses relating to short-term leases |
256 |
217 |
714 |
|
Total amount recognised in the income statement |
1,462 |
1,325 |
3,063 |
c) Amounts recognised in the cash flow statement
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
|
£000 |
£000 |
£000 |
|
|
Total cash payment for leases |
1,483 |
1,178 |
2,470 |
|
16. Capital commitments
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Capital expenditure contracted for but not provided |
7,492 |
9,646 |
14,499 |
17. Share based payments
IPO LTIP
The IPO LTIP awards were granted on 5 September 2022 and comprise three equal tranches, with the first tranche vested on the announcement of the annual results for the year ended 31 December 2022, the second tranche vested on the announcement of the annual results for the year ended 31 December 2023 and the third tranche vested on the announcement of the annual results for the year ended 31 December 2024. Certain senior managers from various Group companies are eligible for nil cost share option awards with Ashtead Technology Holdings plc granting the awards. On exercise, the awards will be equity-settled with Ordinary Shares in Ashtead Technology Holdings plc. The IPO LTIP share awards vesting is subject to the achievement of a target annual Adjusted EPS and participants remaining employed by the Group over the vesting period.
The outstanding number of IPO LTIP awards at 30 June 2026 is 217,767 (30 June 2025: 242,458).
|
Share based payments |
Tranche 1 |
Tranche 2 |
Tranche 3 |
|
Valuation model |
Black-Scholes |
Black-Scholes |
Black-Scholes |
|
Weighted average share price (pence) |
260.5 |
260.5 |
260.5 |
|
Exercise price (pence) |
0 |
0 |
0 |
|
Expected dividend yield |
0.76% |
0.81% |
0.85% |
|
Expected volatility |
41.93% |
41.93% |
41.93% |
|
Risk-free interest rate |
2.79% |
3.14% |
3.04% |
|
Expected term (years) |
0.67 |
1.67 |
2.67 |
|
Weighted average fair value (pence) |
259.2 |
257.0 |
254.7 |
|
Attrition |
5% |
5% |
5% |
|
Weighted average remaining contractual life (years) |
6.17 |
6.17 |
6.17 |
The expected volatility has been calculated using the Group's historical market data history since IPO in 2021.
|
Share based payments |
Number of shares |
Weighted average exercise price (£) |
|
Outstanding at beginning of the period |
223,940 |
− |
|
Granted |
− |
− |
|
Exercised |
(6,173) |
− |
|
Forfeited |
− |
− |
|
Outstanding at the end of the period |
217,767 |
− |
|
Exercisable at the end of the period |
217,767 |
− |
The weighted average share price at the date of exercise was £5.013 for the share options exercised during the six month period to 30 June 2026. Share-based payments expense recognised in the consolidated income statement during the period was £72,000 (H1 2025: £234,000), inclusive of employer's national insurance contributions of £72,000 (H1 2025: £121,000).
LTIP awards
The first LTIP awards were granted on 4 May 2023 and vested on the announcement of the annual results for the year ended 31 December 2025. Certain senior managers from various Group companies are eligible for nil cost share option awards with Ashtead Technology Holdings plc granting the awards and on exercise, the awards will be equity-settled with Ordinary Shares in Ashtead Technology Holdings plc. The share awards vesting is subject to the achievement of agreed Adjusted EPS, ROIC and Total Shareholder Return (TSR) targets and participants remaining employed by the Group over the vesting period. On 16 April 2024 new awards were granted under the LTIP scheme and will vest on the announcement of the annual results for the year ending 31 December 2026. On 25 September 2025 new awards were granted under the LTIP scheme and will vest on the announcement of the annual results for the year ending 31 December 2027. On 2 June 2026 new awards were granted under the LTIP scheme and will vest on the announcement of the annual results for the year ending 31 December 2028.
The outstanding number of awards at 30 June 2026 is 1,414,801 (30 June 2025: 624,031).
|
Share based payments |
EPS |
ROIC |
TSR |
|
Valuation model |
Black-Scholes |
Black-Scholes |
Monte Carlo |
|
Weighted average share price (pence) |
379.0 / 687.0 / 352.0 / 417.0 |
379.0 / 687.0 / 352.0 / 417.0 |
379.0 / 687.0 / 352.0 / 417.0 |
|
Exercise price (pence) |
0 |
0 |
0 |
|
Expected dividend yield |
0.0% |
0.0% |
0.0% |
|
Expected volatility |
40.17% / 39.01% / 44.26% / 43.50% |
40.17% / 39.01% / 44.26% / 43.50% |
40.17% / 39.01% / 44.26% / 43.50% |
|
Risk-free interest rate |
3.71% / 4.31% / 3.86% / 4.34% |
3.71% / 4.31% / 3.86% / 4.34% |
3.71% / 4.31% / 3.86% 4.34% |
|
Expected term (years) |
3.02 / 3.06 / 2.50 / 2.79 |
3.02 / 3.06 / 2.50 / 2.79 |
3.02 / 3.06 / 2.50 / 2.79 |
|
Weighted average fair value (pence) |
379.0 / 687.0 / 352.0 / 417.0 |
379.0 / 687.0 / 352.0 / 417.0 |
298.0 / 544.0 / 145.0 / 328.0 |
|
Attrition |
5% |
5% |
5% |
|
Weighted average remaining contractual life (years) |
6.84 / 7.79 / 9.23 / 9.92 |
6.84 / 7.79 / 9.23 / 9.92 |
6.84 / 7.79 / 9.23 / 9.92 |
The expected volatility has been calculated using the Group's historical market data history since IPO in 2021.
|
Share based payments |
Number of shares |
Weighted average exercise price (£) |
|
Outstanding at beginning of the period |
941,468 |
− |
|
Granted |
592,569 |
− |
|
Exercised |
(67,999) |
− |
|
Forfeited |
(51,237) |
− |
|
Outstanding at the end of the period |
1,414,801 |
− |
|
Exercisable at the end of the period |
284,202 |
− |
The weighted average share price at the date of exercise was £4.484 for the share options exercised during the six month period to 30 June 2026. Share-based payments expense recognised in the consolidated income statement during the period was £398,000 (H1 2025: £895,000), inclusive of employer's national insurance contributions of £67,000 (H1 2025: £349,000).
18. Share capital and reserves
The Group considers its capital to comprise its called up share capital, share premium, merger reserve, retained earnings and foreign exchange translation reserve. Quantitative detail is shown in the consolidated statement of changes in equity. The Directors' objective when managing capital is to safeguard the Group's ability to continue as a going concern in order to provide returns for the shareholders and benefits for other stakeholders.
Called up share capital
|
|
30 June 2026 |
30 June 2025 |
31 December 2025 |
|||||
|
Allotted, called up and fully paid |
No. |
£000 |
No. |
£000 |
No. |
£000 |
|
|
|
Ordinary shares £0.05 each |
80,976,397 |
4,049 |
80,624,196 |
4,031 |
80,624,196 |
4,031 |
|
|
Ordinary Share capital represents the number of shares in issue at their nominal value. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
On 17 March 2026, the Company issued 352,201 newly authorised shares at a subscription price of £0.05 (being the nominal value) to the Employee Benefit Trust in anticipation of the vesting of the LTIP share options awarded on 4 May 2023. The shares are held by the Employee Benefit Trust on the behalf of certain option holders and are non-voting until each of the option holders choose to exercise their options at which point they are transferred to the option holder and become voting shares. As of 30 June 2026, 501,969 shares (H1 2025: 242,458) were held by the Company's Employee Benefit Trust.
Share premium
Share premium represents the amount over the par value which was received by the Group upon the sale of the Ordinary Shares.
Merger reserve
The merger reserve was created as a result of the share-for-share exchange under which Ashtead Technology Holdings plc became the parent undertaking prior to the IPO. Under merger accounting principles, the assets and liabilities of the subsidiaries were consolidated at book value in the Group financial statements and the consolidated reserves of the Group were adjusted to reflect the statutory share capital, share premium and other reserves of the Company as if it had always existed, with the difference presented as the merger reserve.
Foreign currency translation reserve
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to the Group's presentational currency, sterling, at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for each month where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from this translation of foreign operations are reported as an item of other comprehensive income and accumulated in the translation reserve, within invested capital. When a foreign operation is disposed of, such that control, joint control or significant influence (as the case may be) is lost, the entire accumulated amount in the foreign currency translation reserve is recycled to the income statement as part of the gain or loss on disposal.
Retained earnings
The movement in retained earnings is as set out in the consolidated statement of changes in equity. Retained earnings represent cumulative profits or losses, net of dividends, charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated income statement and other adjustments.
19. Related parties
There were no transactions with related parties, other than key management personnel, in the six-month period ended 30 June 2026.
|
Compensation of key management personnel: |
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Short-term employee benefits |
1,239 |
1,038 |
1,332 |
|
Social security costs |
126 |
141 |
215 |
|
Contributions to money purchase pension schemes |
22 |
33 |
65 |
|
Share based payment expense (Note 17) |
276 |
698 |
715 |
|
Total |
1,663 |
1,910 |
2,327 |
20. Business combinations
Acquisition of Seadraulics PTY Limited
On 19 June 2026, the Group acquired 100% of the issued share capital of Seadraulics PTY Limited ('Seadraulics') incorporated in Australia, whose primary activity is the provision of subsea equipment rental and solutions supporting the installation, inspection maintenance, repair and decommissioning of infrastructure for the offshore energy industry.
The acquisition has been accounted for under the acquisition method. The following table sets out the book values of the separately identifiable assets and liabilities acquired and their fair value to the Group:
|
|
Book value |
Adjustments |
Fair value to the Group |
|
|
£000 |
£000 |
£000 |
|
Property, plant and equipment |
153 |
1,182 |
1,335 |
|
Intangible assets |
− |
334 |
334 |
|
Right of use assets |
95 |
− |
95 |
|
Trade and other receivables |
208 |
− |
208 |
|
Cash |
669 |
− |
669 |
|
Total assets |
1,125 |
1,516 |
2,641 |
|
|
|
|
|
|
Trade and other payables |
44 |
− |
44 |
|
Income tax payable |
37 |
− |
37 |
|
Lease liabilities |
95 |
− |
95 |
|
Deferred tax liability |
(6) |
455 |
449 |
|
Total liabilities |
170 |
455 |
625 |
|
Net assets |
955 |
1,061 |
2,016 |
|
Goodwill |
|
|
573 |
|
|
|
|
2,589 |
|
Satisfied by: Cash |
|
|
2,589 |
|
|
|
|
|
|
Cash acquired |
|
|
(669) |
|
Cash outflow on acquisition of subsidiary undertaking* |
|
|
1,920 |
* Of the cash outflow on acquisition of subsidiary undertaking of £1,920,000, £909,000 was paid in the six month period ended 30 June 2026 (being £1,578,000 paid offset by £669,000 cash acquired), £480,000 is due to be paid in the six month period ended 31 December 2026, £266,000 is due to be paid in 2027 and £265,000 is due to be paid in 2028.
The Group incurred acquisition-related expenditure of £169,000 on legal fees and due diligence costs. These costs have been expensed to the consolidated income statement and included in 'Administrative expenses'.
In the six month period ended 30 June 2026, revenue of £22,000 and operating profit of £3,000 was included in the Consolidated Income Statement in respect of Seadraulics. If the acquisition had occurred on 1 January 2026, management estimates that the consolidated revenue would have been £100,526,000 and the consolidated operating profit for the year would have been £21,859,000. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2026.
The goodwill reflects the significant opportunity for future growth in integrating Seadraulics, increasing rental equipment and solutions to both new and existing customers through utilising Seadraulics' in-house technical knowledge, and increasing cross selling opportunities to our combined customer base. The wider synergies for the Group will be achieved by broadening the rental fleet, investing further in our people, and increasing our service offering which will broaden our customer relationships and increase customer retention.
21. Subsequent events
On 1 July 2026, the name of Seadraulics PTY Limited was changed to Ashtead Technology PTY Limited.
Appendix
Reconciliation of Alternative Performance Measures
|
Reconciliation of Adjusted EBITDA
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
Notes |
£000 |
£000 |
£000 |
|
Adjusted EBITDA |
|
37,876 |
38,397 |
82,425 |
|
Costs associated with move from AIM to Main London Stock Exchange |
|
- |
- |
(1,554) |
|
Costs associated with M&A |
|
(169) |
- |
- |
|
Restructuring costs |
|
(208) |
(240) |
(364) |
|
Software development costs |
|
- |
(343) |
(552) |
|
Provision of doubtful debts written back to the income statement on collection |
|
- |
- |
1,258 |
|
Other exceptional costs |
|
(23) |
- |
- |
|
Operating profit before depreciation, amortisation and foreign exchange |
|
37,476 |
37,814 |
81,213 |
|
Depreciation on property, plant and equipment |
8 |
(11,757) |
(10,393) |
(21,252) |
|
Depreciation on right-of-use asset |
15 |
(1,064) |
(984) |
(2,040) |
|
Operating profit before amortisation and foreign exchange |
|
24,655 |
26,437 |
57,921 |
|
Amortisation of intangible assets |
9 |
(2,819) |
(2,994) |
(5,959) |
|
Foreign exchange loss |
|
(43) |
(286) |
(407) |
|
Operating profit |
|
21,793 |
23,157 |
51,555 |
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITA
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
Notes |
£000 |
£000 |
£000 |
|
Adjusted EBITA |
|
25,055 |
27,020 |
59,133 |
|
Costs associated with move from AIM to Main London Stock Exchange |
|
- |
- |
(1,554) |
|
Costs associated with M&A |
|
(169) |
- |
- |
|
Restructuring costs |
|
(208) |
(240) |
(364) |
|
Software development costs |
|
- |
(343) |
(552) |
|
Provision of doubtful debts written back to the income statement on collection |
|
- |
- |
1,258 |
|
Other exceptional costs |
|
(23) |
- |
- |
|
Amortisation of intangible assets |
9 |
(2,819) |
(2,994) |
(5,959) |
|
Foreign exchange loss |
|
(43) |
(286) |
(407) |
|
Operating profit |
|
21,793 |
23,157 |
51,555 |
|
Reconciliation of Adjusted Profit Before Tax
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
||||||||||
|
|
Notes |
£000 |
£000 |
£000 |
||||||||||
|
Adjusted Profit Before Tax |
|
20,768 |
21,644 |
48,811 |
||||||||||
|
Costs associated with move from AIM to Main London Stock Exchange |
|
- |
- |
(1,554) |
||||||||||
|
Costs associated with M&A |
|
(169) |
- |
- |
||||||||||
|
Restructuring costs |
|
(208) |
(240) |
(364) |
||||||||||
|
Software development costs |
|
- |
(343) |
(552) |
||||||||||
|
Provision of doubtful debts written back to the income statement on collection |
|
- |
- |
1,258 |
||||||||||
|
Other exceptional costs |
|
(23) |
- |
- |
||||||||||
|
Amortisation of intangible assets |
9 |
(2,819) |
(2,994) |
(5,959) |
||||||||||
|
Foreign exchange loss |
|
(43) |
(286) |
(407) |
||||||||||
|
Profit before taxation |
|
17,506 |
17,781 |
41,233 |
||||||||||
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|||||||||
|
Reconciliation of Adjusted Profit After Tax
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
||||||||||
|
|
Notes |
£000 |
£000 |
£000 |
||||||||||
|
Adjusted Profit After Tax |
|
16,637 |
17,587 |
39,777 |
||||||||||
|
Costs associated with move from AIM to Main London Stock Exchange |
|
- |
- |
(1,554) |
||||||||||
|
Costs associated with M&A |
|
(169) |
- |
- |
||||||||||
|
Restructuring costs |
|
(208) |
(240) |
(364) |
||||||||||
|
Software development costs |
|
- |
(343) |
(552) |
||||||||||
|
Provision of doubtful debts written back to the income statement on collection |
|
- |
- |
1,258 |
||||||||||
|
Other exceptional costs |
|
(23) |
- |
- |
||||||||||
|
Amortisation of intangible assets |
9 |
(2,819) |
(2,994) |
(5,959) |
||||||||||
|
Foreign exchange loss |
|
(43) |
(286) |
(407) |
||||||||||
|
Tax impact of the adjustments above |
|
57 |
145 |
15 |
||||||||||
|
Profit for the financial period |
|
13,432 |
13,869 |
32,214 |
||||||||||
|
|
|
|
|
|
|
|||||||||
Adjusted Profit After Tax is used to calculate the Adjusted earnings per share in Note 7.
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