- Trading ahead of previous earnings guidance
- Integration of acquisitions progressing well
- 2025 forward PE ratio of 13.5
Leading subsea rentals and services group Ashtead Technology (AT.:624p) has raised earnings guidance and prompted brokerage Peel Hunt to nudge up its top-of-the-range 2024 pre-tax profit estimate to £40.9mn, implying 24 per cent year-on-year growth.
Moreover, the directors highlight that ongoing market demand and record customer backlogs provide confidence that growth will continue through 2025, in line with previous guidance. On this basis, Peel Hunt expect 25 per cent higher pre-tax profit of £50.3mn to deliver 22 per cent growth in earnings per share (EPS) to 46p, implying the shares are rated on a modest forward price/earnings (PE) ratio of 13.6.