Hunting PLC Announces Trading Statement

Hunting PLC, a global precision engineering group, has issued a trading update ahead of its Half Year Results. As of June 30, 2024, the company’s sales order book stands at approximately $700 million, up from $565 million at the end of 2023. This growth has been bolstered by significant orders from Kuwait Oil Company totaling $231 million.

The first half of 2024 has surpassed management's expectations, driven by strong performance in OCTG, Subsea, and Advanced Manufacturing. However, the Perforating Systems segment faced challenges, leading to the implementation of a cost reduction program expected to save $6 million to $7 million annually.

EBITDA for H1 2024 is anticipated to be between $59 million and $61 million, marking a 22% increase compared to H1 2023. The company maintains a robust balance sheet with expected cash and bank borrowings between -$11 million and -$9 million as of June 30, 2024.

Looking forward, the company remains optimistic for 2024 and 2025, with projected full-year EBITDA for 2024 increased to $134 million-$138 million. Capital expenditure for 2024 is estimated to be $40 million-$45 million.