Hunting PLC has reported a strong set of half-year results amid a major cost-cutting exercise across the UK and Europe.
For the six months to 30 June 2025, the precision engineering group posted revenues of $528.6million (£391million), up from $493.8million (£367million) in the same period last year, with adjusted profit before tax rising to $43.7million (£32million).
The company said its North Sea operations remain a significant contributor, with £17million of new subsea orders secured during the first half of the year through its Enpro business unit. These bespoke projects underline ongoing demand for proprietary subsea technology in the basin, despite broader market volatility.
Hunting also highlighted the commercial potential of its recently acquired Organic Oil Recovery (OOR) technology, which has already been deployed in a maiden North Sea treatment this summer. The technology is expected to generate around £45million in orders from the region over the next five years, enhancing recovery rates from existing reservoirs.
However, the company confirmed it will consolidate its European footprint, with operations at Fordoun set to be wound down by mid-2026. Remaining capabilities will be transferred to its Badentoy base near Aberdeen, part of a wider restructuring designed to deliver $11m of annualised cost savings. Sites in Norway and the Netherlands are also being closed.
Jim Johnson, Hunting’s Chief Executive, said the group’s strategy was delivering strong financial performance while positioning the company for long-term growth.
"With the recent acquisitions of Flexible Engineered Solutions and the Organic Oil Recovery technology, Hunting has added strong revenue and cash flow opportunities to the Group for the medium-term, as offshore markets continue to demonstrate robust activity, along with the oil and gas industry demanding new technologies to deliver production improvements and efficiencies," he said.
The group also announced a $40million (£30million) share buyback and an increased interim dividend of 6.2 cents per share, up 13% on the previous year.