Hunting PLC on Thursday said it swung to a profit in 2023 thanks to revenue growth of more than a quarter.
The London-based maker of parts and technology systems for the oil and gas sector said it swung to a pretax profit of $50.0 million in 2023 from a pretax loss of $2.4 million in 2022, as revenue surged 28% to $929.1 million from $725.8 million.
Hunting highlighted that its order book increased by 19% to $565.2 million at the end of 2023 from $473.0 million a year before.
The firm proposed a final dividend of 5.0 US cents, up 11% from 4.5 cents. This brings its total dividend to 10.0 US cents, an 11% increase from 9.0 cents.
Looking ahead, Hunting said it is confident in its near and long-term outlook, adding that it expects its global outlook for energy in 2024 to be similar to that of 2023.
Chief Executive Jim Johnson said: ‘Hunting has delivered a strong year of growth across most of its product groups, demonstrating the underlying strength of our market drivers, with security of supply and affordable energy remaining key investment themes.’
Shares in Hunting rose 3.5% to 310.50 pence each in London on Thursday morning.
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