Hunting PLC (LSE:HTG), the London-listed precision engineering group, reported a 6% fall in first-half revenue to $497 million as strong growth in its Subsea and Perforating Systems businesses failed to offset weaker OCTG, Advanced Manufacturing and Other Manufacturing performance.
EBITDA dropped 12% to $62.1 million, down from $70.2 million a year earlier, largely due to the absence of orders completed for Kuwait Oil Company in the prior period. Adjusted profit before tax slipped to $34.5m from $43.7m.
The company pointed to instability in the Middle East as a factor delaying tendering, but said it expects recovery once conditions stabilise.
Despite the softer performance, the oilfield services group lifted its interim dividend to 7 cents per share, up from 6.2 cents in the first half of 2025, underscoring confidence in its long-term outlook.
Chief Executive Jim Johnson, who announced his retirement on 1 June 2026, said the results demonstrated the benefits of the Group's portfolio transformation, particularly strengthened margins in Subsea Technologies.
He added that Hunting remains well positioned to capture global energy growth opportunities despite geopolitical volatility.
Net debt stood at $51.4 million, compared with net cash of $44.7 million a year earlier, while the company recorded a $58 million working capital outflow during the first half.
In April 2026, Hunting announced it secured $63.5 million of new titanium stress joint orders for ExxonMobil in Guyana.
