Ashtead Technology shares tank as Middle East conflict delays projects

Ashtead Technology’s shares tumbled on Thursday after the subsea energy technology firm said ongoing conflict in the Middle East continues to delay projects, with an expected material impact on full-year results. Projects earmarked for the second half of 2026 in the region have been postponed until 2027, including deferrals of rental revenues that will hurt this year’s revenue mix. The company also cited broader economic uncertainty and changes to vessel scheduling, leading to further project delays in Europe and the Americas. Full-year revenues are now expected to be about 5% below the current consensus forecast of £214.2m, implying a result around £203.5m. Adjusted EBITDA is expected to be about 15% below the analyst estimate of £59.2m. The stock was down 13.7% at 370p at 0819 BST.