More expected | Sparkling returns | Defying the gloom
News covered here includes our assessment of promising results from one of AIM’s English winemakers. These were very encouraging, but it’s certainly a tough business to value. Elsewhere, a provider of rental equipment to the offshore energy sector is flying, while a highly-rated fund manager is also defying the sector gloom. (Premium)
Ashtead Technology: fabulous results but even more expected? Ashtead Technology (AIM: AT.), the provider of subsea equipment rental and solutions for the offshore energy sector, announced fabulous results for its year ended 31 December 2023, although the market was clearly expecting more given the share price sell-off on the day. Group revenue climbed 51% in the year to £110.5m, from a mix of organic growth (35%) and acquisitions (17%). Revenues from both the offshore renewables and the oil and gas markets rose 50% and 52%, respectively, with renewables revenue growth representing 31% of total revenue. Gross profit rose 59% to…