Hunting PLC Reports 2024 Financial Results

Hunting PLC, a precision engineering group, reported a 13% increase in revenue to $1,048.9m for the year ended December 31, 2024. The company also saw a significant 23% rise in EBITDA to $126.3m, with a margin improvement to 12%. A free cash flow of $139.7m marked a notable turnaround from last year's negative flow. Despite the positive performance, a non-cash impairment of $109.1m affected the Hunting Titan segment, inciting a statutory pre-tax loss of $33.5m.

Strategically, Hunting focused on global oil and gas markets, securing $231m in contracts with Kuwait Oil Company and continuing significant orders with ExxonMobil. New ventures in energy transition technologies also progressed, with $60m expected from Organic Oil Recovery technology. The company's expansion initiatives included obtaining an API threading license in India and a manufacturing agreement with Chevron in the Gulf of Mexico.