UK's Ashtead Technology tumbles on lower-than-expected annual forecast

Aug 20 (Reuters) - Shares of Ashtead Technology fell nearly 15% on Thursday after the British subsea equipment rental and solutions firm forecast annual revenue and profit below market expectations due to project postponements in the Middle East, Europe, and the Americas.

A number of projects in the Middle East that had been scheduled for the second half of 2026 have now been pushed to 2027, hurt by disruptions caused by the Iran war, the firm said.

Ashtead Technology now expects full-year revenue to be about 5% below market expectations and adjusted earnings before interest, taxes, and amortization (EBITA) to be around 15% below consensus.

Analysts had forecast fiscal 2026 revenue of £214.2 million ($291.53 million) and EBITA of £59.2 million, per a company-compiled consensus.

Shares were down 15% at 364.5 pence as of 0712 GMT.

($1 = 0.7348 pounds)

(Reporting by Neeshita Beura in Bengaluru; Editing by Sonia Cheema)