Hunting profits and revenues buoyed by offshore success

Hunting reported a jump in interim revenues and profits on Thursday on the back of increased demand for its offshore products in the US and Asian markets.

In the six months to the end of June, revenue at the oilfield services provider rose 15% on the same period a year ago to $508.9m, with reported profit from operations rising from $38.9m to $41.1m.

Underlying core earnings increased to $77.4m from $72.6m as the FTSE 250 company said it enjoyed strong demand for its oil and gas pipeline equipment and offshore products in the US and Asia Pacific markets.

Since the end of the period, Hunting has aimed to further stimulate its offshore operations with the $12.5m acquisition of RTI Energy Systems Inc earlier this month.

The company increased its interim dividend by 25% to 5 cents.

Hunting's Titan segment saw revenue slip to $206.1m from $216.7m and Canada segment revenue dropped to $19.5m from $21.7m. The company warned of a volatile market and a slower pace of activity within the US onshore drilling market.

Chief executive Jim Johnson said: "The first half of 2019 has delivered a strong set of results under difficult market conditions. Despite the general market uncertainty within the oil and gas industry, Hunting's businesses are performing well, with management focused on delivering the group's strategy of focused growth based on proprietary technology and ongoing lean manufacturing initiatives which allows us to build on a strong market share."

At 1109 BST, Hunting shares were up 4.5% at 449p.