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(Alliance News) - Hunting PLC on Wednesday said its 2023 performance was in line with market expectations and it named the former chief of Tetra Technologies Inc as chair.
The London-based maker of parts and technology systems for the oil and gas sector said it expects 2023 revenue to be in line with market expectations, in the range of USD925 million and USD930 million. This would be an increase of at least 27% from USD725.8 million in 2022.
Meanwhile, Hunting said its expectations for earnings before interest, tax, depreciation and amortisation in 2023 are unchanged at USD96 million and USD100 million, up from USD52.0 million in 2022.
Its Ebitda margin widened to 11% in 2023, compared to 7% the year before, Hunting said, and it is on track to meet the 2025 margin guidance of 14% to 16%.
Looking ahead, Hunting said its sales order book continues to improve following further material order wins within its Subsea and OCTG product divisions. The total sales order book now stands at around USD575 million.
Chief Executive Officer Jim Johnson said: "The group's diverse product lines, including energy-related and non-oil and gas have enabled Hunting to deliver solid top line growth in the year, with sales into South America being strong as drilling in Guyana and Brazil increased, while activity across Asia Pacific accelerated as drilling momentum in India and the Middle East improved.
"2024 will see another year of Ebitda growth underpinned by our strong sales order book, which is now up 21% compared to a year ago."
Hunting also on Wednesday named Stuart Brightman as non-executive chair, starting from April 17, when its annual general meeting will be held.
Brightman, who has been a board member since January last year, will replace Jay Glick, who will retire from the post after nine years.
Before joining Hunting, Brightman led energy services firm Tetra Technologies as CEO. He is a US citizen living in Austin, Texas.
Shares in Hunting were up 2.4% to 280.50 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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