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(Alliance News) - Hunting PLC on Thursday said it was well-placed for growth in the current market environment, following a robust financial performance in the third quarter.
For the year to September 30, the London-based international energy services provider reported earnings before interest, tax, depreciation and amortisation of USD36.0 million, with all operating segments and product lines seeing improved performance.
This represented an increase from the first half ended June 30, when Ebitda was recorded at USD20.6 million, swung from a loss of USD3.6 million the previous year.
At September 30, the order book was USD438.0 million. Hunting is confident this would translate into robust sales momentum for the rest of the year, and "well into 2023".
The Titan division, a manufacturer and supplier of energetics, perforating, and instrumentation technologies, continued to see strong sales in its core US market.
Hunting projected improved gross margins in this segment for the rest of the year, as clients continue to migrate to new technologies.
It added that sales momentum within its premium connections and accessories manufacturing businesses was strong, as clients continue domestic and international project development.
However, supply chain issues remained in the advanced manufacturing group, particularly regarding microchip supply. Hunting expects the performance of these businesses to improve throughout the remainder of the year.
At September 30, the group's balance sheet was USD849.0 million. Hunting said investments in working capital had increased in the quarter.
In other news, Rick Bradley, the company's chief operating officer, will be retiring in November.
Further to Hunting's "enhanced position" within the global subsea technologies market, it will be forming a new operating segment on January 1.
The subsea technologies operating segment will comprise the National Coupling, RTI Energy Systems, and Enpro Subsea businesses, and will be led by Managing Director Dane Tipton.
"With energy security now the top of every political agenda, the outlook for the oil and gas industry remains strong, with market analysts forecasting continued investment growth in the medium term," said Chief Executive Jim Johnson.
"Given the macroeconomic and geopolitical shifts seen in the quarter, management is also of the belief that the global oil and gas industry will particularly benefit from these pressures which continue to build as affordable, secure energy continues to be in demand by western economies, placing Hunting in an excellent position going forward."
Hunting shares were trading 4.6% higher at 249.00 pence each in London on Thursday afternoon.
By Holly Beveridge; hollybeveridge@alliancenews.com
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