Hunting PLC (LSE:HTG) shares jumped 12% following a strong half-year update and the announcement of a $40 million share buyback programme.
The precision engineering group reported a 16% rise in first-half EBITDA to approximately $68-$70 million, driven by robust performance in its OCTG product line and a healthy EBITDA margin of around 13%.
The company ended June with $79 million in net cash and a sales order book of $450 million, supported by a $1.1 billion tender pipeline.
Notable wins included $38 million in new orders for titanium stress joints in the Gulf of Mexico and projects in the North Sea.
Hunting also completed acquisitions of Flexible Engineered Solutions and Organic Oil Recovery technology, boosting growth prospects with strong margin profiles.
The group raised its targeted annual dividend increase from 10% to 13% and outlined plans for the buyback to run over 12 months post-results.
Full-year EBITDA guidance remains $135-$145 million. CEO Jim Johnson highlighted the company’s “significant step forward” in executing its 2030 strategy.
The stock rose 33.5p to 336p.