15th Apr 2026 11:48
(Alliance News) - Hunting PLC on Wednesday backed its full year profit guide and said it performed in line with expectations during the first quarter despite a fall in profit.
Ahead of Wednesday's annual general meeting, the London-based supplier to the oil and gas industry said trading in the first quarter reflected the timing of key milestones on current subsea contracts, which are weighted to the second quarter.
Hunting retained its full year earnings before interest, tax, depreciation and amortisation guidance of between USD145 million and USD155 million.
As previously reported, Hunting said its earning will be second half weighted, due to order execution and delivery timings, and said it is projecting a 40/60 split in earnings.
The firm said Ebitda in the first quarter was USD23.2 million, down 40% from USD38.7 million a year ago. It reported an Ebitda margin of 10%, narrowed from 14%.
"All product groups have traded as expected, with Perforating Systems' sales in North America reporting a performance ahead of expectations as higher quality sales and production efficiencies continue to improve trading results," Hunting added.
Hunting said the order book stood at USD428.8 million on Tuesday, up 20% from USD358.0 million at the end of December.
The firm noted some slippage in the issuance of tenders in the Middle East since the outbreak of war in March, but said it expects these to be published in the second quarter.
"Hunting's operations and personnel in Dubai and Saudi Arabia remain safe and generally unaffected by the Middle East conflict. At this point management expects minimal impact on current year profitability, although this position remains predicated on the tenure of the conflict," Hunting said.
It noted that the higher price of commodities has not yet led to an increased US or International rig count, but added that it is well place to benefit from any increase in activity.
The company said its previously announced USD15 million cost production programme is accelerating, with the majority of savings to be delivered by early 2028. Shared service functions in Europe and North America will be fully operational by mid-2026.
Hunting said it will combine the Europe, Middle East & Africa and Asia Pacific operating segments to form a single International operating segment from the start of 2027, for further cost efficiencies.
The company continues to assess bolt-on acquisitions, with a targeted pipeline under review. It is particularly focused on subsea businesses.
Shares in Hunting were down 4.9% at 483.00 pence on Wednesday morning in London.
By Michael Hennessey, Alliance News reporter
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