(Alliance News) - Ashtead Technology Holdings PLC on Wednesday reported substantial rises in profit and revenue across 2022, while anticipating further strong performances in 2023.

The Aberdeenshire-based subsea equipment rental firm said its pretax profit more than quadrupled to GBP16.6 million in 2022 from GBP3.6 million in 2021.

Revenue increased by 31% to GBP73.1 million from GBP55.8 million over the same periods. Revenue from offshore oil and gas markets increased 35% and revenue from offshore renewables markets increased 22%.

Ashtead Technology's cost of sales increased 23% to GBP18.8 million from GBP15.3 million in 2021, and administrative expenses were up 8.5% to GBP36.2 million from GBP33.4 million. Taxation more than tripled to GBP4.0 million from GBP1.1 million the prior year.

Ashtead Technology declared a final dividend of 1 pence per share for 2022, up from nothing a year earlier, and will aim to pay a progressive annual dividend in the future.

Ashtead Technology expressed confidence going forward, reporting high demand across both offshore oil and gas and offshore renewables markets for the first quarter of 2023. It said increased pricing should offset the impact of ongoing inflationary pressures, and that it expects outturn for this year to be ahead of previous expectations.

Ashtead Technology noted that its bolt-on acquisitions in 2022, of WeSubsea UK Ltd in September and Hiretech Ltd in December, had "meaningfully expanded" its operational capabilities.

"This has been a very successful and busy year for Ashtead Technology. We believe we are well-positioned to exploit the many growth opportunities that lie before us in 2023 and beyond, driven by higher activity levels across both oil and gas and offshore renewables markets," Chief Executive Officer Allan Pirie commented.

He added: "With a full year's benefit of our two recent acquisitions, coupled with enhanced financial firepower, we will look to further expand our offering whilst continuing to grow within our existing markets."

Shares in Ashtead Technology were up 6.4% in London on Wednesday at 367.00p each.

By Emma Curzon, Alliance News reporter

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