LONDON (dpa-AFX) - Hunting Plc (HTG.L), a British provider of products and services for oil companies, on Wednesday posted an increase in EBITDA and revenue for the first quarter, mainly due to an improved order book, some higher product pricing, and stronger facility utilization.
Hunting's Chief Executive, Jim Johnson said: 'The year has started positively for the Group, with Q1 2024 results marginally ahead of management's expectations, and well ahead of the Q1 2023 result, which demonstrates the continued growth momentum of the Group. Our OCTG, Subsea and Advanced Manufacturing product groups are continuing to see strong momentum as offshore and international activity remains robust.'
For the three-month period, the company registered EBITDA of $28.9 million, higher than $22.4 million, recorded for the same period last year. EBITDA margin improved to 12 percent from 11 percent a year ago.
Sales order book stood at $544 million as against previous year's $492.9 million.
Revenue was $244.9 million, up from last year's $211.5 million.
As announced earlier, the company's Chair, Jay Glick, will be retiring as a Director with effect from April 17, with Stuart Brightman succeeding Glick as Chair.
Hunting projects 2024 is likely to be a further year of growth for the industry driven by geopolitical and macro-economic factors.
Hunting reaffirmed its annual EBITDA guidance of around $125 million to $135 million with EBITDA margin of 12 percent to 13 percent, given the broad-based strength of the global oil and gas sector.
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