Manufacturing and energy services firm Hunting has posted its half-year results, eyeing "growth opportunities" around the world as revenue dips below $500million (£366million).
The figures, revealed this morning, show revenue in the six months to June 30 fell to $497million (£364million) from $528.6million (£387.4million) in the same period last year.
Its adjusted profit before tax for H1 2026 was $34.5million (£25.3million), down from $43.7million (£32million),
However Hunting remains optimistic and in a position to capture growth opportunities around the world, particularly when the conflict in the Middle East, which has caused delays to tendering, eases with activity expected to "rapidly recover".
Commenting on the results Jim Johnson, Chief Executive, said: "Today's results demonstrate the benefits of the transformation of Hunting's portfolio and our ability to capitalise on the structural growth opportunities in the end-markets we serve. In particular, the strong margins delivered from our Subsea product group, following our strategic repositioning in this area over the past seven years, are strengthening the quality of our earnings into the long-term, a key deliverable of our 2030 strategic ambition. We have also seen encouraging momentum in our Perforating Systems product group, as our technology offering continues to be embraced by the industry, with record international sales supporting the Group's overall results.
"The second half of the year will be driven by continued progress in these areas, alongside improved results from our OCTG and Advanced Manufacturing product groups.
"Hunting remains well positioned to capture the growth opportunities emerging across the energy industry around the world. Whilst current instability in the Middle East has caused some delays to tendering, we expect activity in the region to rapidly recover once stability returns, supporting our confidence in our medium-term growth prospects for the region. Elsewhere, AI-driven investment is driving power demand growth in North America, while activity is rising across South America and West Africa as governments around the world increasingly focus on energy security and sovereign capabilities."
Hunting's earnings profile for 2026 is expected to be weighted towards the second half of the year.
The report states: "The directors anticipate continued year-on-year growth into 2027 given Hunting's diversified portfolio.
"The directors expect activity in the Middle East to rapidly recover once the conflict is resolved and regional stability returns, enabling production to be restored and suspended projects to be resumed.
"Overall, the directors remain positive on the outlook for both the wider industry and the Group, with Hunting's portfolio well-positioned for strong short- to medium-term growth."
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