29th Aug 2019 08:52
(Alliance News) - Hunting PLC on Thursday said profit rose in the first half of 2019 as the company's Asia Pacific, US, and Europe the Middle East & Africa segments all posted growth.
The energy services firm recorded a USD40.1 million pretax profit for the six months to June 30, 5.5% above its USD38.0 million profit a year before, as revenue rose 15% to USD508.9 million from USD442.8 million.
US revenue rose to USD181.1 million from USD147.3 million, while EMEA revenue was up at USD67.0 million from USD56.1 million. In addition, Asia Pacific revenue was USD75.1 million, improving from USD51.2 million previously.
Less positively, Hunting Titan segment revenue slipped to USD206.1 million from USD216.7 million and Canada segment revenue to USD19.5 million from USD21.7 million.
Hunting increased its interim dividend 25% to 5.0 US cents from 4.0 cents.
The company acquired RTI Energy Systems Inc in August, a company which makes production riser technologies used in the offshore oil and gas industry. The acquisition price was USD12.5 million, and the deal was intended to increase Hunting's offshore market presence.
Chief Executive Jim Johnson said: "The first half of 2019 has delivered a strong set of results under difficult market conditions. Despite the general market uncertainty within the oil and gas industry, Hunting's businesses are performing well, with management focused on delivering the group's strategy of focused growth based on proprietary technology and ongoing lean manufacturing initiatives which allows us to build on a strong market share.
"We are pleased to have concluded the RTI Energy Systems acquisition. This business adds a strong product suite to the group's offshore technology portfolio and gives Hunting access to leading global deep-water projects. The acquisition also delivers on our stated strategic goal of targeting investments that provide complementary technologies to the offshore oil and gas industry.
"The board is pleased with today's results, but given the volatile market and global economic conditions will continue to update investors regularly on the group's performance for the balance of the year."
Shares in Hunting were up 3.3% at 444.15 pence in London on Thursday morning.
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