LONDON (dpa-AFX) - Hunting Plc (HTG.L), a British precision engineering group, Thursday reported that its first-half profit before tax surged 131 percent to $36.2 million from last year's $15.7 million.
Earnings per share climbed 150 percent to 15.5 cents from prior year's 6.2 cents.
On an adjusted basis, prior year's profit before tax was $23.1 million, and earnings per share were 9.6 cents.
EBITDA of $60.3 million climbed 23 percent from last year, with EBITDA margin improving to 12 percent from 10 percent in 2023.
Revenue increased 3 percent to $493.8 million from last year's $477.8 million. Order book for the period climbed 32 percent to $699.5 million from $529.7 million a year earlier.
Further, the company's Board declared an interim dividend of 5.5 cents per share, an increase of 10 percent.
Regarding the outlook, Hunting maintained its recently raised 2024 full-year EBITDA guidance of about $134 million to $138 million, reflecting the impact of the Kuwait Oil Company orders to be delivered prior to the year-end.
The KOC orders will continue to be worked through during H1 2025, which supports a positive outlook for the Group's trading well into 2025.
The company said, 'the Board remains comfortable with current market consensus with the overall outlook positive given the activity levels across multiple regions and product groups and the diversity of Hunting's portfolio.'
Further, Hunting said it is on track to meet its 2025 financial objectives. The company earlier said it anticipates EBITDA to be in the range of $160 million - $175 million for the year 2025.
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