Results & reports

Order book increased by 124% to $473.0m.

Revenue increased by 39% to $725.8m.

Gross margin improved to 24% from 12%.

Return to profitability with EBITDA of $52.0m and adjusted profit from operations of $14.6m.

Total dividends declared in the year of 9.0 cents per share.

Strong increases in activity across all operating segments as higher commodity prices support new global drilling projects.

External sales order book increased 124% during the year to $473.0m (2021 – $211.5m). Revenue visibility increased due to level of order book, which now extends into 2025.

139% increase in sales order book within the Subsea Technologies division to $105.1m.

The Subsea Spring business unit has grown materially during the year, following new orders for steel and titanium stress joints for the Gulf of Mexico and South America. Record $48m order received in October 2022 to apply stress joints to FPSO units.

Record OCTG contract awarded by CNOOC for Premium Connections and Accessories.

In August 2022, the Group’s Asia Pacific operating segment was awarded a contract for OCTG that management estimates to be worth up to $86m for Hunting’s proprietary SEAL-LOCK XD™ premium connection. Vast majority of order to be delivered in 2023.

Strong development of non-oil and gas sales order book within the Advanced Manufacturing group.

The Dearborn business now has a sales order book of $71.3m, which comprises c.68% of non-oil and gas sales. The Electronics business now has a sales order book of $49.8m, which comprises c.14% of non-oil and gas sales.

Construction of a new threading facility in India commenced with Jindal SAW to support domestic activity.

Facility to be operational during Q2 2023 with three premium connection threading lines. 162,000 sqft facility is located in Nashik Province, adjacent to Jindal’s steel mill. Hiring of employees and QA training underway.

Formation of global Energy Transition group to build sales in geothermal and carbon capture market sub-sectors.

Hunting is pursuing a broad range of sales opportunities in these growing low carbon sub-sectors, leveraging its position in OCTG and accessories, valves and couplings and subsea products to drive growth. The Board has set a revenue target of $100m of sales within this area by the end of the decade.

$150m Asset Based Lending facility agreed in February 2022.

Borrowing base secured against certain North American freehold property, inventories and trade receivables. Facility agreed with four-year tenor. The facility provides an appropriate funding base to pursue growth opportunities.

Continue to capitalise on Hunting’s proven capabilities in energy services

Stimulate further growth, rebuild baseload earnings and stabilise profitability

Supported by the strong outlook for global oil and gas sales (North America, Europe, Middle East and Asia Pacific) Furthered through diversifying revenue across non-oil and gas sub-sectors where the Group can leverage existing expertise Delivered through both organic and inorganic growth opportunities

Resulting in a long-term EBITDA margin target of 15%

Sustainable and growing dividend policy targeting an average increase of c.10% per annum until the end of 2030