Annual report and accounts 2023

A strong platform for future growth

Ashtead Technology has built a strong track record supporting a global blue-chip customer based in the offshore energy sector. We work with existing and new customers as they focus on energy transition, both in offshore wind and in the decommissioning of oil and gas infrastructure.

Financial highlights

The Group delivered another strong financial performance in 2023, generating a 51% revenue increase on 2022. We continued to invest in our people and equipment, situating us well to deliver on our plan for growth and value creation.

Chairman’s statement

“The Group achieved record growth in the year, with significant step up continued growth in revenue, profit and strong operating cash generation. These excellent results are testament to the Group’s core strengths and excellent reputation in both of its key markets.”  

CEO statement

“I am pleased with the Group’s trading performance through 2023, delivering another year of growth through strong execution of our organic and inorganic strategy. We focused on broadening our fleet and building our strength and depth of expertise with a focus on long term growth and shareholder value.”

CFO report

“The Group continued to perform strongly during 2023, achieving significant growth on prior year as we continued to build on the strong foundations of the business. We made good progress against all of our financial KPIs and delivered well above the expectations set at the start of the year.”

Our strategy

Support the energy transition

Continue to support the energy transition and capitalise on the significant forecasted increase in expenditure in the global offshore wind market, demonstrated by our rapid revenue growth in recent years.

Develop market leading position

Develop our position as a leading independent subsea equipment rental business, growing and strengthening our core business in subsea technology rental and solutions, whilst continuing to capitalise on customers’ increasing propensity to rent.

Broaden scale and scope of capabilities

Continue to broaden our range of complementary equipment and services and leverage our global footprint to drive our presence and capabilities through the further internationalisation of our products and services.

Augment organic growth through acquisitions

Augment organic growth through a clear and focused bolt-on M&A strategy, continuing to consolidate a highly fragmented market and execute value-enhancing M&A.


As a critical supplier to the offshore energy industry, we are committed to supporting the energy transition, whilst continuously improving the sustainability performance of our business.