Hunting (LSE:HTG) has reported earnings (EBITDA) of around $62 million for the first half, consistent with the 40:60 phasing earnings management flagged in March.
The London-listed precision engineering group's period-end sales order book stood at approximately $387 million, ahead of the $358 million reported at the end of 2025.
Subsea performance was underpinned by continued momentum in Guyana, where the group secured $63.5 million of orders for its titanium stress joint product line, while its Perforating Systems and Subsea units traded ahead of expectations on strong demand for unconventional well completion products.
The group's OCTG, Advanced Manufacturing and Other Manufacturing product groups reported lower activity due to order phasing, with recovery projected for the second half.
Working capital rose to approximately $394 million at 30 June, reflecting the operational ramp-up needed to support anticipated second-half activity, while cash and bank balances stood at around negative $19 million after $10.1 million of dividend distributions and $8.8 million settling a UK import duty provision.
"Our H1 performance has seen continued strong momentum in our Subsea and Perforating Systems businesses supporting our unchanged full-year expectations", said chief executive Jim Johnson.
Hunting's Organic Oil Recovery technology now counts more than 30 active clients, with commercial deployments progressing in the US, Oman and Pakistan; the business is still expected to generate $10-15 million of revenue in 2026.
Full-year EBITDA guidance remains at $145-155 million, with margin guidance unchanged at approximately 13-14% and year-end cash and bank expected at $60-65 million.
Hunting will report its half-year results on Friday 21 August.
