LONDON (dpa-AFX) - Hunting Plc. (HTG.L), a precision engineering company, announced on Tuesday that its full-year 2024 trading was in line with expectations, helped by record order book performance.
For the 12-month period to December 31, 2024, the Group expects EBITDA of $123 million to $126 million, with revenue of $1.040 to $1.050 billion.
Following a record order book performance in the first half, Hunting's sales order book closed the year at around $500 million, following the conversion of large orders into revenue throughout the second half.
For the full-year 2025, the Group expects EBITDA of $135 million to $145 million, driven by the strong order book, and a material cost savings program, with the higher end of the range coming from the expected more positive market conditions in North America.
In addition, the Board has decided to restructure the Group's EMEA operating segment, given the low levels of future drilling activity anticipated in the North Sea. A review of sales, general and administration costs is also underway.
In total, management plans to slash up to around $10 million of costs in the year, the majority of which being from the restructuring of the EMEA operating segment.
Hunting will release annual result on March 6.
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