Ashtead Technology has revealed it is expecting a 21% jump in annual revenue to £203m, after reporting a strong H2 period.

The company said its H2 revenue would come in around 5% higher compared to H1.

Ashtead, which provides subsea technology solutions to the offshore energy sector, was providing an update on its financial performance for the 2025 calendar year.

Following acquisitions in Q4 2024, the group said it had successfully completed the integration of Seatronics and J2 Subsea, achieving synergies ahead of forecast and reducing lower margin activities in the acquired businesses.

A stronger trading performance in H2, alongside improved visibility provided through longer-term projects originally delayed through H1, has also created “improving momentum” for the business going into 2026, Ashtead said.

CEO, Allan Pirie, commented: “We are pleased with our full-year financial performance through 2025 and have made significant progress in expanding our international footprint and widening and deepening the offering to our customers during the year.

“Our strong balance sheet, diversified geographical footprint, differentiated service capability, and track record of providing innovative solutions to our customers, positions us well as we enter the new financial year.”

Ashtead reported that a strong cash conversion resulted in group leverage reducing to under 1.4x at the end of December, while the company’s net debt is expected to improve further to below 1.0x by the end of 2026.

The firm also iterated plans for a disciplined approach to capital allocation over the next year and revealed it is expecting to invest an estimated £35m in capital expenditure during 2026.

“We are focused on executing our strategic growth plans and remain confident in the group’s ability to generate significant value for shareholders over the medium-term,” added Pirie.

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