LONDON, July 15, 2026--(BUSINESS WIRE)--Hunting PLC (LSE: HTG), the precision engineering group, today publishes its H1 2026 Trading Update.
Highlights
Operational
Solid Group performance during the period, with EBITDA in line with guidance.
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Subsea performance underpinned by continued contract momentum in Guyana, with $63.5 million of orders for the Group's titanium stress joint product line secured during the period.
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Perforating Systems' results significantly ahead of management's expectations driven by strong demand for Hunting's unconventional well completion products internationally and market share gains across North America.
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The Group's OCTG, Advanced Manufacturing and Other Manufacturing product groups all report lower activity in H1 2026 due to order phasing, with higher performance projected in H2 2026.
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Good progress with commercialisation of the Organic Oil Recovery ("OOR") technology, with purchase orders received from a client in Pakistan, and positive well testing data in North America, Middle East and North Sea. Further progress expected to be reported in H2 2026.
Ongoing restructuring of EMEA operating segment with OCTG operations in Aberdeen now being transferred to the Badentoy operating site, with the Fordoun site to be closed by the end of the summer.
Period-end sales order book of c.$387 million, ahead of the 2025 year-end position of $358 million.
Financial
H1 2026 EBITDA of c.$62 million, consistent with the 40:60 phasing of full-year earnings guidance issued in March 2026.
H1 2026 EBITDA margin of c.12%, reflecting the continued rebalancing of the earnings profile of the Group towards higher growth segments of the global oil and gas market.
Working capital increased to c.$394 million at 30 June 2026, reflecting the operational ramp-up required to support higher anticipated activity levels in H2 2026.
Total cash and bank / (borrowings) of c.$(19) million at 30 June 2026, reflects raw material purchases in the period and includes the following items:
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$10.1 million of dividend distributions;
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$32.6 million of share buybacks (ongoing) - $6.0m of second buyback completed in H1;
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$11.6 million from treasury share purchases; and
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$8.8 million on settlement of UK import duty provision.
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Outlook
Group well positioned to navigate near-term oil price and market volatility.
Robust outlook for increases in activity in Asia Pacific, the Americas and the Middle East driven by AI driven power demand, oil and gas security of supply, and changes to OPEC.
2026 full year EBITDA guidance of between $145-$155 million is maintained, with EBITDA margin guidance unchanged at c.13%-14%.
Projected year-end total cash and bank position is unchanged at c.$60-$65 million as working capital investments in H1 unwind.
$15 million p.a. of Group-wide cost savings on track for delivery between 2026 and 2027.