New AIM admission: Ashtead Technology’s following wind

Ashtead Technology has a history supplying subsea services to the oil and gas sector and it has diversified into the offshore wind market. The offshore wind services market is set to grow at 19% a year up until 2025. Europe is the largest market, but Asia is growing faster. Ashtead Technology, though, has operations around the world.

Oil and gas is still a larger market with potential from new installations and the decommissioning of older structures. Most of the equipment can be used for either sector.

The prospectus includes an operating profit forecast of £12.8m on revenues of not less than £52m. This is based on seven months of accounts and an estimate for the other five months of 2021. Management believes that Ashtead Technology can achieve low double-digit revenues growth that...

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