Ashtead subsea rentals specialist reports 40% rise in profits

Allan Pirie
Allan Pirie

Aberdeen-based Ashtead Technology has announced a 23% rise in turnover and almost 40% increase in profits for the year ended April 2014.

The subsea technology company, which specialises in the sale and rental of subsea equipment and associated services, has seen turnover increase from £22.2 million in 2013 to £27.4 million last year.

 

In the 12 months to April 2014, Ashtead made its biggest ever annual investment in rental equipment with capital expenditure in the year rising from £9 million in 2013 to over £10 million.

 

Operating profits increased by almost 40% to £13.6 milion from £9.7 million in 2013. 

 

The company now employs 95 people in Aberdeen, London, Houston and Singapore

 

 Commenting on the results Allan Pirie, chief executive of Ashtead Technology said: “Considerable capital investment in our rental fleet, coupled with investment in our people and processes, has underpinned revenue and profit growth.”

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