Hunting PLC Announces Strong Unaudited Results for H1 2024

Hunting PLC, a global precision engineering group, has released its unaudited results for the first half of 2024. The company reported several financial highlights, including a 32% increase in the order book to $699.5 million. Revenue rose by 3% to $493.8 million, while gross profit grew by 18% to $135.2 million, improving the gross margin from 24% to 27%.

EBITDA increased by 23% to $60.3 million, raising the EBITDA margin from 10% to 12%. Adjusted operating profit climbed to $40.1 million with a margin of 8%. Adjusted diluted earnings per share rose to 15.5 cents, and the interim dividend was increased by 10% to 5.5 cents per share.

The company's CEO, Jim Johnson, emphasized the strong performance of the OCTG, Subsea, and Advanced Manufacturing product groups. He highlighted successful collaborations, including a significant deal with Kuwait Oil Company. Hunting's Energy Transition strategy and progress in geothermal projects were also noted.