Ashtead Technology is trading “substantially ahead” of 2020, the subsea equipment firm’s boss revealed yesterday.
The company has benefited from a significant increase in offshore activity this year, Allan Pirie, its chief executive, said.
Mr Pirie was speaking as Ashtead, based in Westhill, Aberdeenshire, shared its latest annual accounts.
The globally active firm posted pre-tax losses of £4.9 million for 2020, compared with profits of nearly £2.8m the year before.
Boss says 2020 performance ‘resilient’
Ashtead highlighted £14.8m of earnings before interest, taxes, depreciation, and amortisation in the latest period, down from nearly £20m previously.
And turnover fell by £5.4m to £42.4m last year as the business, like most others, dealt with the impact of Covid-19.
Mr Pirie described it as a “resilient” financial performance under the circumstances.
He was buoyed by Ashtead’s year-end available cash position. which improved to £11m from £6.1m 12 months earlier.
Growing momentum
And Ashtead, whose accounts appear under the name of its parent, Bp INV2 Holdco, said there was growing momentum in the business throughout the second half of the year as it continued to invest in its rental fleet.
It also said it continued to win new contracts for offshore wind developments.
The firm recently secured a series of awards to support the construction and installation of the Neart na Gaoithe offshore wind farm, in the Firth of Forth.
Offshore renewable energy projects now account for more than 30% of Ashtead’s turnover.
‘More streamlined’
Mr Pirie said: “Despite a challenging year in 2020, we continued to deliver a healthy financial performance.
“We now have a more streamlined and enhanced customer offering across our three service lines – survey and robotics, mechanical solutions and asset integrity.
“This is enabling us to play a more proactive role in supporting our customers with their offshore renewable energy infrastructure projects, where activity is materially ahead of historical levels, and in the decommissioning of existing oil and gas infrastructure.”
He added: “Despite ongoing Covid-19 pandemic challenges, the business has benefited from a significant increase in offshore activity through this year and is trading substantially ahead of 2020.”
International expansion
Over the past four years, Ashtead has expanded its geographical reach with five acquisitions, supported by its financial backers, Buckthorn Partners and Apicorp.
Last year the company increased its workforce by 21, with a further 24 employees added across its nine international locations during 2021, taking the total headcount to 200.
The company also invested more than £5m in new underwater equipment and technology, further strengthening its position in the market.
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