LONDON (dpa-AFX) - Hunting Plc (HTG.L), a British precision engineering group, Tuesday reported a 16 percent year-on-year increase in its nine-month EBITDA result, with positive increases in trading across most product groups.
Meanwhile, the company trimmed its outlook for fiscal 2024 EBITDA guidance citing that the slower than anticipated improvement within the US onshore has led to a deterioration in short-term trading expectations.
However, Hunting still expects outlook to be broadly within the range guided at the start of the year.
EBITDA guidance for the full year is now projected to be in the range of around $123 million to $126 million, a reduction of around 8 percent on previous guidance issued in July 2024.
The outlook for the international and offshore subsectors of the industry continues to remain firm.
Further, the company announced that it has entered into $300 million of new committed borrowing facilities to finance the ongoing working capital requirements of the existing business and to support Hunting's stated organic and inorganic growth strategy. The new funding arrangements comprise a $200 million revolving credit facility and a $100 million term loan.
In its trading update, Hunting said its trading performance during the third quarter was in-line with expectations across most product groups.
Year-to-date EBITDA was around $87 million, and Group EBITDA margin was around 12 percent.
Sales order book as of September 30 was around $652 million, supported by OCTG and Organic Oil Recovery contracts, as previously announced.
Trading within the North America operating segment was broadly in-line with expectations.
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