LONDON (dpa-AFX) - Hunting PLC (HTG.L), a British service provider to the oil and gas industry, said on Wednesday that it expects a rise in EBITDA for the first half, helped by robust contribution from the OCTG product group.
Jim Johnson, Chief Executive of Hunting, said: 'The first half of 2025 has seen strong trading for the Group. Hunting's robust cash generation and significant financial flexibility enables us to commence a share buyback and increase our targeted annual dividend distributions. We also continue to actively monitor further bolt-on M&A opportunities.'
For the six-month period, the company expects its EBITDA of around $68 million to $70 million, up by around 16 percent from the same period last year.
In addition, the firm noted that it intends to launch a program to repurchase up to $40 million of shares. The share repurchase drive is scheduled to commence following the release of the company's first-half results, with an intention to complete it over the next 12 months.
Further, following a capital allocation policy review, the Board has decided to raise its targeted annual dividend increase to 13 percent from 10 percent.
Looking ahead, for the full year, the company has reaffirmed its annual EBITDA outlook of $135 million to $145 million.
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