Business
Unaudited results for the 6 months to 30 June 2023
Unaudited results for the 6 months to 30 June 2023.
About this update from Hunting Plc
[{"type":"text","content":"\n\n\n\n\n\nFor Immediate Release\n\n\n24 August 2023\n\n\n\n\n\n \nHunting PLC\n \n(\"Hunting\" or \"the Company\" or \"the Group\")\n \nUnaudited results for the six months to 30 June 2023\n \nStrong performance in H1 2023 with progress across all segments of the Group\n \nHunting PLC (LSE:HTG), the global engineering group, today announces its unaudited half year results for the six months ended 30 June 2023.\n \nFinancial Highlights\n \n\n\n\n\n· \n\n\nOrder book increased by 63% to $529.7m (H1 2022 - $325.9m)\n\n\n\n\n· \n\n\nRevenue increased by 42% to $477.8m (H1 2022 - $336.1m)\n\n\n\n\n· \n\n\nGross profit $114.2m up 51% (H1 2022 - $75.8m)\n\n\n\n\n· \n\n\nGross margin improved to 24% from 23%\n\n\n\n\n· \n\n\nEBITDA of $48.7m (H1 2022 - $23.6m)\n\n\n\n\n· \n\n\nAdjusted operating profit $26.2m (H1 2022 - $4.7m)\n\n\n\n\n· \n\n\nInterim dividend declared 5.0 cents per share (H1 2022 - 4.5 cents)\n\n\n\n\n \nCommenting on the results Jim Johnson, Chief Executive, said:\n \n\"Today's results confirm the positive trend of increased investment in the oil and gas industry following years of under investment, driven by global energy demand and increased focus on energy security. We believe that the sector is in the early days of a long term growth cycle which, coupled with our non-energy businesses, positions the Company for increased revenue and earnings going forward. All our businesses have performed well during the period, and we are particularly pleased to have continued to secure major OCTG orders, which has increased our sales order book strongly since year-end. Management believes this performance indicator provides good visibility of the Group's trading outlook in the short to medium term. \n \n\"Alongside our core oil and gas businesses, Hunting has made good progress in positioning itself as a critical provider of technology, as well as a key supplier of important raw materials for the energy transition. Management anticipates this market will provide strong growth in the long t...