Hunting sees 'strong' start to year as earnings jump

Hunting said it had seen a strong start to the year on Wednesday, after first-quarter earnings came in ahead of expectations.

The energy services firm said earnings before interest, tax, depreciation and amortisation were $22.6m in the three months to March end, ahead of management forecasts. That compares to EBITDA of $15.8m in the previous three months and $6.7m in the first quarter of 2022.

Hunting said its margin had been strengthened by increased prices and higher facility utilisation. The sales order book was unchanged at around $500m.

The firm, which was founded in 1874, left full-year guidance for EBITDA unchanged, however, at $88m.

Jim Johnson, chief executive, said: "Hunting has begun 2023 strongly.

"Activity across the global energy industry is robust, with opportunities in oil and gas, carbon capture and geothermal developments accelerating as post-Covid growth, energy security requirements and energy transition legislation is announced.

"The board is comfortable with market expectations and reiterates its expectations for continued growth in year-on-year revenue and EBITDA."

As at 0830 BST, shares in the FTSE 250 firm were up 4% at 250.9p.