9th Jul 2024 10:35
(Alliance News) - Hunting PLC on Tuesday celebrates "sound demand" for medical-related electronics as it announced a rise in sales and an anticipated profit growth.
The London-based manufacturer of equipment for the energy industry said its sales order book at June 30 was about USD700 million, up 24% compared to USD565 million at December 31.
Chief Executive Officer Jim Johnson said that the sales order book was near the highest in the company's history, with strong revenue and earnings visibility well into 2025.
Hunting said: "The Advanced Manufacturing product group has reported increased energy-related and non-oil and gas sales in the reporting period. The Electronics business unit has seen good demand for printed circuit boards to major energy services groups as well as demand for medical-related electronics in the period. The Dearborn business unit also reports good demand for its naval, power generation and aviation products, along with its energy-related sales. The Advanced Manufacturing sales order book remains solid, supporting a robust outlook for the second half."
Earnings before interest, tax, depreciation and amortisation for the first half of 2024 are likely to be in the range of USD59 million and USD61 million, which it said is ahead of management's expectations and at least 21% ahead annually from USD48.7 million.
Looking ahead, Hunting said its outlook for 2024 and 2025 is "positive".
It added that its performance in the second half of the year is anticipated to be ahead of the first half.
Ebitda guidance for the full year is USD134 million and USD138 million, at least 30% higher than USD103.0 million in 2023.
Hunting shares were 2.1% higher at 438.00 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.