Ashtead Technology Holdings (LSE:AT.), a provider of subsea solutions to the offshore energy sector, said in its AGM trading statement that trading through the first quarter was in line with the board's expectations and that its performance expectations for the year remain unchanged.
The statement noted some regional disruption since early March as a result of the ongoing conflict in the Middle East and the company is working with customers to monitor and manage the situation, noting the duration and wider impact remain hard to predict.
It described itself as "cautiously optimistic" about the year‑end outturn, while qualifying that outlook on the assumption of a seasonally stronger second half and no sustained impact from the current geopolitical tensions.
The company said growing demand for energy and increased focus on energy security support attractive long‑term structural growth drivers and that its scaled, geographically diversified footprint and agile operating model position it to capitalise on those opportunities.
Ashtead Technology highlighted that its highly cash‑generative model underpins a strong balance sheet, with net debt still expected to improve to below 1.0x by the end of 2026.
