Hunting PLC posts sustained revenue and profit growth in 2023

Hunting PLC (LSE: HTG), a precision engineering group, has published its financial results for the year ending December 31, 2023. With a significant increase in its order book of 19% reaching 565.2 million dollars, the company recorded a 28% increase in revenue, amounting to $929.1 million. Growth unrelated to the oil and gas sector is particularly notable, with a 59% increase from $47.6 million to $75.9 million.

The group also saw its EBITDA improve, exceeding previous forecasts, with an increase of 98% to reach $103.0 million. The total dividend declared increased from 9.0 cents per share in 2022 to 10.0 cents. The gross margin improved, reaching 25%, while the EBITDA margin increased from 7% to 11%.

Hunting also highlighted the diversification of its business with robust growth in the offshore and international sectors, contributing to a more balanced and diversified presence in the market. The company is confident in its short and long-term prospects, in part thanks to its Hunting 2030 strategy launched in September 2023.