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Investing.com -- Ashtead (LON:AHT) Technology (LON:ATAS) reported full-year 2024 results at the upper end of its guidance and broadly in line with market expectations. The company’s shares climbed over 1% in London trading.
Revenue for the year came in at £168 million, matching company-complied consensus estimates and marking a 52% increase year-on-year. Earnings per share (EPS) stood at 35.9p, slightly below the 37.9p consensus.
Adjusted EBITA reached £50.3 million, ahead of the expected £47.3 million, while adjusted EBITDA also beat forecasts at £69.5 million versus £66.5 million.
The company left its outlook unchanged, citing continued strength in offshore oil and gas and wind markets. It reiterated expectations for low double-digit organic revenue growth and EBITA margins in the high 20% range over the medium term.
Ashtead also noted a strong start to the new fiscal year, with acquisition-related cost synergies remaining on track. Guidance for the fiscal year (FY25) remains unchanged.
"Results are at the top end of management’s guidance and in line with consensus expectations, so we see this as broadly neutral today," RBC Capital Markets analysts commented.
They see strong customer backlogs supporting sustained offshore activity through 2028, with continued contracting expected to extend the current cycle into 2025.
"These market fundamentals help to set a strong platform for higher offshore utilization and in turn for Ashtead Tech’s enlarged business to see continued pricing power, deliver growth, and increase margins and shareholder returns," analysts added.