Results & reports

Recent and historic financial results and reports.

Printed annual report

Annual Report & Accounts 2022

Download Hunting's latest report

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Annual General Meeting 2023

This year's Annual General Meeting will be held on Wednesday 19 April 2023 at 10.30 a.m in London, UK

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Current investor presentations

View our 2022 full year results presentation and webcast playback.

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Latest trading update

View our latest trading updates.

Financial highlights

  • 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.

Financial summary

First table: Financial Performance measures as defined by the Group* Second table: Financial Performance measures as derived from IFRS

* Adjusted results exclude adjusting items agreed by the Audit Committee and Board.

** Non-GAAP measure (“NGM”). Please see the 2022 Annual Report and Accounts pages 240 to 246.

*** Payable on 12 May 2023 to shareholders on the register on 21 April 2023, subject to approval at the Company’s AGM.

Revenue

2022 - $725.8m
2021 - $521.6m
Variance - +39%

EBITDA**

2022 - $52.0m
2021 - $3.1m
Variance - +$48.9m

Adjusted profit (loss) from operations**

2022 - $14.6m
2021 - $(35.1)m
Variance - +$49.7m

Net assets

2022 - $846.2m
2021 - $871.3m
Variance - -$25.1m

Total cash and bank**

2022 - $24.5m
2021 - $114.2m
Variance - -$89.7m

Adjusted diluted earnings per share**

2022 - 4.7 cents
2021 - (27.1) cents
Variance - +31.8 cents

Final dividend proposed***

2022 - 4.5 cents
2021 - 4.0 cents
Variance - +0.5 cents

Profit (loss) from operations

2022 - $2.0m
2021 - $(79.7)m
Variance - +$81.7m

Diluted earnings per share

2022 - (2.8) cents
2021 - (53.2) cents
Variance - +50.4 cents

Operational and Corporate Highlights

  • 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.

2022 strategic highlights

The Group has delivered on a number of strategic objectives during 2022.

  • 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

Results archive

  • Title Type
  • Investor presentation on 11 January 2024

    Presentation
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  • Title Type
  • Annual Report and Accounts 2012

    Report
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  • Annual Results Presentation 2012

    Presentation
    PDF
  • Half Year Report 2012

    Report
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  • Half Year Presentation 2012

    Presentation
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  • Title Type
  • Annual Report and Accounts 2011

    Report
    View PDF
  • Annual Results Presentation 2011

    Presentation
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  • Half Year Report 2011

    Report
    View PDF
  • Half Year Presentation 2011

    Presentation
    PDF
  • Title Type
  • Annual Report and Accounts 2010

    Report
    View PDF
  • Annual Results Presentation 2010

    Presentation
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  • Half Year Report 2010

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  • Half Year Presentation 2010

    Presentation
    PDF