Financial Highlights - from continuing operations
|
Revenue $687.5m (H1 2013: $655.7m) |
+4.8% |
|
Underlying EBITDA $121.3m (H1 2013: $116.7m) |
+3.9% |
|
Underlying profit from operations $97.1m (H1 2013: $94.5m) |
+2.8% |
|
Reported profit from operations of $72.3m (H1 2013: $63.0m) |
+14.8% |
|
Underlying profit before tax $93.9m (H1 2013: $91.5m) |
+2.6% |
|
Reported profit before tax $69.1m (H1 2013: $60.0m) |
+15.2% |
|
Underlying diluted earnings per share 44.9 cents (H1 2013: 42.2 cents) |
+6.4% |
|
Reported diluted earnings per share 34.7 cents (H1 2013: 28.5 cents) |
+21.8% |
|
Interim dividend declared of 8.1 cents (H1 2013: 7.7 cents) |
+5.2% |
|
Net debt of $229.0m (31 December 2013: $205.8m) |
|
Operational Highlights
Strong Q2 2014 performance offsetting a slower Q1 2014:
o Well Construction - Premium Connections and Hunting Dearborn in line with expectations driven by Gulf of Mexico activity; Drilling Tools performance impacted by severe weather in North America in Q1;
o Well Completion - Robust growth delivered in revenue and profits at Hunting Titan; US Manufacturing benefiting from continued growth in Gulf of Mexico activity; slower activity levels seen in the North Sea;
o Well Intervention - Strong sales of pressure control equipment reported in Middle East and South East Asia; Hunting Subsea reporting good profit growth.
Capital investment programme progressing:
o $36.4m expansion of US Manufacturing facility at Houma, Louisiana - target completion of Q1 2015;
o $54.0m new Threading and Test facility at Houston, Texas, with operations targeted to commence mid-2015;
o $18.8m expansion at Hunting Dearborn underway - target completion of Q1 2015;
o $20.0m new facility in Cape Town, South Africa, with repair capabilities targeted to commence Q4 2014 and manufacturing commencing mid-2015.
Business opportunities well-advanced in Kenya to access regional drilling activity - including repair and storage facilities.
Commenting on the results Dennis Proctor, Chief Executive, said:
"Hunting has reported a good set of results today and reflects a strong Q2 performance offsetting the slower Q1 which was affected by the severe weather across North America. Activity has returned to levels which management anticipated at the start of the year with Hunting Titan and Hunting Subsea reporting strong growth in revenue and profits. As a consequence of this, management remains comfortable that Hunting's performance, for the year as whole, remains in line with its expectations."
"Our capital investment programme is continuing on track, with new facilities being commissioned from Q4 2014 and into 2015. This investment will expand our capabilities both in established operational regions and in new geographic territories."
