Hunting PLC Reports Strong Start in Q1 2024, Announces AGM and Directorate Change

Hunting PLC, a global engineering group, released its Q1 2024 Trading Update, revealing significant financial growth and leadership transitions. The announcement was made prior to its AGM scheduled for today in London. The company recorded an EBITDA of approximately $28.9 million in Q1 2024, a notable increase from $22.4 million in the corresponding period in 2023, surpassing management's expectations.

Key product lines such as OCTG and Subsea demonstrated robust performance, contributing to a sales order book valued around $544.0 million, up from $492.9 million in Q1 2023. Despite a slow start in its Perforating Systems due to softer US onshore markets, the company remains optimistic about a stronger second half of the year. This optimism is supported by rising international demand and prospective LNG exports from the US.

Hunting PLC's financial outlook remains steady with an unchanged full-year EBITDA guidance of $125 to $135 million. The company anticipates a 50% conversion from EBITDA to Free Cash Flow throughout 2024, attributing this to effective working capital management and enhanced operational performance.

In leadership developments, the company announced the retirement of Jay Glick as Director and Company Chair, to be succeeded by Stuart Brightman post-AGM. This strategic shift occurs as the company continues to advance its core operations and execute the Hunting 2030 Strategy. Hunting PLC will provide its next Trading Statement on July 8, 2024.