Half Year Statement

Hunting PLC (LSE:HTG), the international energy services group, today announces its results for the six months to 30 June 2011.


Hunting PLC (LSE:HTG), the international energy services group, today announces its results for the six months to 30 June 2011.

Financial Highlights - from continuing operations*

  • Revenue increased to £251.3m (2010: £193.3m) +30%
  • Profit from operations before exceptional items of £23.0m (2010: £18.8m) +22%
  • Profit from operations of £22.1m (2010: £11.6m) +91%
  • Basic earnings per share before exceptional items 11.3p (2010: 9.4p) +20%
  • Basic earnings per share 10.7p (2010: 5.5p) +95%
  • Interim dividend declared of 4.0p (2010: 3.7p) +8%
  • Net cash of £297.1m (2010: £314.1m)

*2010 comparatives restated following the reclassification of Field Aviation Inc. as a discontinued operation

Corporate Highlights

  • Opening of 300,000 sq.ft. manufacturing facility in Wuxi, China
  • Receipt of £85.3m from the Gibson Energy Warrant
  • Capital expenditure in the period increased to £21.8m (2010: £18.6m)

Post Balance Sheet Events

  • Proposed acquisition of the Titan Group, for a consideration of US$775 million (c.£475.5 million) announced on 5 August 2011 accompanied by:
    • A placing of 13,175,838 new ordinary shares at 648p raising gross proceeds of £85.4 million
    • A new five-year £375 million multi-currency revolving credit facility agreed with lenders
  • Acquisition of Dearborn Precision Tubular Products, Inc. for a consideration of US$83.5 million (c.£51.1 million) announced on 12 August 2011

Commenting on the results, Dennis Proctor Chief Executive Officer of Hunting said:

"Our results today demonstrate the momentum of Hunting's activities as the industry continues to increase its investment in drilling and developing new resources. Our businesses are performing well and continue to indicate good year on year growth.
With the acquisitions of Titan and Dearborn, Hunting is continuing its strategy of acquisitive growth in businesses which increases the products and services delivered to the well bore. Both acquisitions focus on the high growth, high margin sectors of the industry, where Hunting has invested heavily since 2008."

For further information, please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director Tel: 020 7321 0123

Tel: 020 7466 5000Buchanan Communications Richard Darby Jeremy Garcia

Website: www.huntingplc.com

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America

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