Engineering group Hunting (LSE:HTG) saw revenue grow to almost $500 million in the first half of the year.
According to the group’s unaudited half year results for the six months ended 30 June 2024, the group’s order book increased by 32% to a record level of $699.5m compared to $529.7m in the first half of 2023.
Revenue for the first half of this year also increased by 3% to $493.8m, up from $477.8m in the same period of 2023, while gross profit was also up 18% to $135.2m. The group’s gross margin also improved to 27% from 24%.
Hunting saw its EBITDA reach $60.3m, up 23%, with its EBITDA margin of 12% up from 10% in the first half of 2023.
In addition, its adjusted operating profit hit $40.1m and adjusted operating profit margin was 8%, up from 6%.
Full year 2023 saw Hunting’s revenue grow above $925, with an EBITDA in the range of $96-100m.
Hunting chief executive Jim Johnson said: “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.
“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.”
In addition, Hunting announced that it has secured significant organic oil recovery (OOR) contracts to support major North Sea operators.
The contracts are worth up to $60 million over a five-year period.
Hunting will deliver the OOR specialised water flood technology to increase recoverable reserves and extend the operational life of multiple assets across the operators’ North Sea portfolios.
The application of OOR also plays a significant role in encouraging more sustainable energy practises, by extending the lives of brown-field producing assets.
Johnson added: “Today’s announcement is a significant step in the expansion of the OOR technology and shows confidence in Hunting’s ability to deliver new technologies to the energy industry. These major OOR orders supports our Hunting 2030 strategic initiatives to deliver revenue and profit growth, with strong margins and cash flows, through new sectors and product lines.”
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