27 August 2009 - Half Year Statement
For Immediate Release 27 August 2009
Hunting PLC ("Hunting" or "the Company")
Half Year Results
Hunting PLC (LSE:HTG), the international energy services company today announces its Half Year Results for the six months ended 30 June 2009.
Financial Highlights*
| Revenue from continuing operations increased to £219.8m (2008: £201.2m) | +9% |
| Profit from continuing operations decreased to £23.0m (2008: £24.0m) | -4% |
| Profit before tax from continuing operations increased to £26.5m (2008: £21.4m) | +24% |
| Basic earnings per share from continuing operations 12.3p (2008: 9.7p) | +27% |
| Interim dividend of 3.5p (2008: 2.9p) | +21% |
| Net cash inflow from operating activities £36.2m (2008: £15.4m) | |
| Net cash of £387.6m |
* all figures stated before exceptional items and for continuing operations only
Corporate Highlights
- Two acquisitions completed:
1. National Coupling Company for a consideration of US$53.8m in June 2009
2. PT SMB Industri for a consideration of US$10.7m in July 2009 - Appointment of John Nicholas and John Hofmeister as non-executive directors.
Operational Highlights
- Revenue in Well Construction decreased by 1% to £48.9m (2008: £49.5m)
Profit from operations of £3.5m (2008: £5.8m) - Revenue in Well Completion increased by 17% to £105.2m (2008: £89.6m)
Profit from operations of £12.9m (2008: £11.8m) - Revenue in Well Intervention increased by 10% to £12.3m (2008: £11.2m)
Profit from operations of £1.8m (2008: £1.9m) - Exploration and Production breakeven in the period (2008: profit £3.0m)
- Hunting Energy France profit from operations increased to £0.9m (2008: £0.8m)
- Gibson Shipbrokers profit from operations of £0.3m (2008: £1.6m)
- Field Aviation profit from operations of £3.6m (2008: loss £0.9m)
Commenting on the results, Dennis Proctor Chief Executive of Hunting PLC said:
"Despite the continuing uncertainty in the economic environment, Hunting remains well positioned for the inevitable global recovery, with a diversified product offering and geographic revenue mix. We have successfully executed two acquisitions which are already contributing to our results.
"With an extremely robust balance sheet we continue to evaluate further acquisition opportunities, whilst also focusing on costs and production efficiencies. These combined efforts provide us with a confident long term outlook, which is reflected in our significantly increased interim dividend."
For further information please contact:
Hunting PLC
Dennis Proctor, Chief Executive
Peter Rose, Finance Director Tel: 020 7321 0123
Buchanan Communications
Ben Willey
Richard Darby Tel: 020 7466 5000
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, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.
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