Hunting FY trading and financial outturn in line with expectations

Energy services group Hunting said 2022 trading and financial outturn remained in line with market expectations, with underlying earnings projected to be roughly $50.0m.

Hunting said its sales order book had continued to improve following further order wins within its subsea technologies unit, with the firm's total sales order book now approaching record levels at approximately $500.0m.

The AIM-listed group also raised its full-year 2023 EBITDA market expectations to somewhere in the range of $85.0m to $90.0m - up from approximately $80.0m.

Hunting added that its balance sheet remains "strong", with net assets of roughly $847.0m on 30 November. Capital expenditure for the full year was now anticipated to be about $20.0m.

Chief executive Jim Johnson said: "2022 has been a year of rebuilding for the industry with 2023 now likely to be a strong year of growth for the group.

"All of our operating segments are reporting good levels of enquiries, and with our order book now approaching $500m, our earnings visibility for the year ahead is robust, despite recessionary fears."

As of 0825 GMT, Hunting shares were up 0.30% at 264.80p.

Reporting by Iain Gilbert at Sharecast.com