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Hunting PLC on Wednesday reiterated guidance after earnings growth in the first half and confirmed share buyback plans for up to $40 million. The London-based supplier to the oil and gas industry forecast earnings before interest, tax, depreciation and amortisation of between $68 million to $70 million for the first half of 2025, about 16% higher than in 2024. Full-year Ebitda is expected in line with prior guidance, which is between $135 million and $145 million. This will be be up at least 6.9% from $126.3 million in 2024. Hunting plans to raise dividends by 13%, up from the previously target of a 10% hike. Hunting paid a total of 11.5 cents per share for 2024, up 15% from 10.0 cents for 2023. Hunting estimated a £450 million value for its sales order book at June 30, up 2.5% from £439 million on-year, with an estimated £1.1 million tender pipeline. The company’s shares were up 13% to £340.50 in London following Wednesday morning’s update. Hunting noted that acquisitions cost about £69 million in the first half. It bought technology from Organic Oil Recovery Inc back in March, and in June, took over Flexible Engineered Solutions Group Holdings Ltd, a Northumberland, England-based fluid transfer company. According to Chief Executive Jim Johnson, both acquisitions ‘demonstrate strong margin profiles’ that exceed Hunting’s 15% long-range target. Restructuring of Hunting’s Europe, Middle East & Africa division is expected to save the company about $10 million on an annualised basis, it said. Half-year results will be published on August 28. Following this, Hunting will plans to launch a share buyback programme for up to $40 million, expected to complete within 12 months. Johnson added: ‘The first half of 2025 has seen strong trading for the group. Hunting’s robust cash generation and significant financial flexibility enables us to commence a share buyback and increase our targeted annual dividend distributions. We also continue to actively monitor further bolt-on M&A opportunities.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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