Hunting trims FY EBITDA guidance as H1 revenues fall

(Sharecast News) - Precision engineering group Hunting reported lower firsthalf revenues and earnings and trimmed its fullyear underlying earnings guidance, with softer trading in several product groups outweighing stronger performances in Perforating Systems and Subsea.

Revenues fell 6% to $497m in H126, while EBITDA dropped 12% to $62.1m, reflecting the absence of Kuwait Oil Company orders completed in H125 and slower activity in advanced manufacturing, offsetting solid organic growth in Perforating Systems and Subsea.

Hunting's interim dividend of USD 7.0cents was up from USD 6.2cents at the same time a year earlier.

Operationally, Hunting said it had secured $63.5m of titanium stress joint orders for ExxonMobil's Guyana projects and delivered a "step change" in Subsea Technologies, helped by improved trading and contributions from Flexible Engineered Solutions.

Hunting said its Perforating Systems unit continued to gain market share across North America and key international regions, while commercialisation of its Organic Oil Recovery technology was said to have progressed in H1, with new field tests and a master service agreement in Brazil.

The FTSE 250-listed firm also stated costcutting initiatives remained on track, with $15m of savings targeted by 2027 and EMEA restructuring nearing completion, delivering annualised savings of around $11m.

However, given delays to Kuwait Oil Company's OCTG tender, Hunting cut its FY26 EBITDA guidance to $138m to $141m, around $10m lower than previously expected, but said it was still expecting continued yearonyear growth into 2027 and said it remained positive on the mediumterm outlook.

As of 0840 BST, Hunting shares had sunk 18.06% to 388p.

Reporting by Iain Gilbert at Sharecast.com

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