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Hunting PLC on Thursday said its trading in the first half of the year has beat its expectations, driven primarily by strength across international markets. Shares in Hunting jumped 22% at 243.50 pence each in London on Thursday morning. Earnings before interest, tax, depreciation and amortisation for the half-year is expected to be in the range of around $48 million and $50 million, while revenue and operating profit are expected to be ahead of the company’s targets. Hunting added its sales order books in the first six months of the year were ‘robust across all product lines’, positioning the company with around $530 million and $550 million at June 30, compared to $473 million at December 31. This was partially driven by strong performance in its North American segment, it said. Looking ahead, Hunting expects a monthly revenue run rate for the first half of the year between $76 to $80 million, up from $56 million the year before. The company also increased its full-year Ebitda to between $96 million and $100 million from $92 and $94 million, and forecasts its 2024 Ebitda to be between $125 million and $134 million as its sales order book continues to increase. Chief Executive Officer Jim Johnson said: ‘Hunting has delivered a strong performance in the first half of 2023 as business units across the group benefit from increased client activity. Management remains focused on delivering on market guidance, which is supported by robust international market momentum including South America, the Middle East and Asia Pacific. The North America drilling market is shifting activity to more oil focused targets, which continues to provide opportunities to the group.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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