Business
Unaudited results for the six months to 30 June 24
Unaudited results for the six months to 30 June 24.
About this update from Hunting Plc
[{"type":"text","content":"\n\n\n\n\n\nFor Immediate Release\n\n\n29 August 2024\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 2024\n \nStrong progress towards the Hunting 2030 Strategic Objectives\n \nHunting PLC (LSE:HTG), the global, precision engineering group, today announces its unaudited half year results for the six months ended 30 June 2024.\n \nFinancial Highlights\n \n\n\n\n\n· \n\n\nOrder book increased by 32% to a record level of $699.5m\n\n\n\n\n· \n\n\nRevenue increased by 3% to $493.8m\n\n\n\n\n· \n\n\nGross profit of $135.2m up 18% and gross margin improved to 27% from 24%\n\n\n\n\n· \n\n\n EBITDA of $60.3m up 23%, with EBITDA margin of 12% up from 10% in H1 2023\n\n\n\n\n· \n\n\nAdjusted operating profit $40.1m and adjusted operating profit margin 8% up from 6%\n\n\n\n\n· \n\n\nAdjusted diluted EPS of 15.5 cents up from 9.6 cents\n\n\n\n\n· \n\n\nInterim dividend declared 5.5 cents per share (H1 2023 - 5.0 cents), an increase of 10%\n\n\n\n\n \nCommenting on the results Jim Johnson, Chief Executive, said:\n \n\"Hunting's balanced and diversified product portfolio has been decisive in delivering another set of strong results and securing a record order book, helping to underpin Hunting's continued growth.\n \n\"Over the period, there were strong performances from our OCTG, Subsea and Advanced Manufacturing product groups. Today's results demonstrate the strength of offshore and international markets and steady progress in energy transition markets. Our success with Kuwait Oil Company demonstrates Hunting's technology and supply chain leadership, and we are looking to further build on this success in the coming years. While our Perforating Systems results have been impacted by the challenging onshore market in the US, Hunting's technology offering remains compelling for clients, and will see improvements as and when market conditions recover.\n \n\"I am delighted with the progress against our Hunting 2030 strategic...