LONDON (ShareCast) - (Sharecast News) - Hunting reported a 19% rise in its order book in its full-year results on Thursday. to $565.2m, accompanied by a 28% increase in revenue to $929.1m.
The FTSE 250 company recorded a 59% surge in non-oil and gas revenue for the year ended 31 December, to $75.9m, while its gross margin improved to 25% from 24%, and EBITDA rocketed 98% to $103m, surpassing previous guidance.

Its EBITDA margin also experienced an upswing, to 11% from 7%.

The company recognized $83.1m in previously-unacknowledged deferred tax assets, enhancing its financial position.

Shareholders also saw a 10% increase in total dividends declared during the year, rising from nine cents per share in 2022 to 10 cents for 2023.

Strategically, Hunting unveiled its ambitious 2030 strategy during its capital markets day in September.

Key components of the strategy included leveraging the company's global presence and high-technology product offerings to drive sales growth across multiple end markets.

Additionally, the strategy aimed to boost EBITDA margin growth through enhanced use, stronger pricing, and operational efficiencies.

The company emphasised driving sector-leading technology innovation, supported by robust intellectual property, while also making strides in advancing its sustainability agenda.

Noteworthy progress was made in revenue diversification, with non-oil and gas sales reaching $75.9m.

The firm reported favourable EBITDA conversion and strong cash generation, with $50.9m delivered in the second half.

Looking ahead, Hunting anticipated a global energy landscape characterised by geopolitical tensions and potential supply disruptions.

Despite fluctuating commodity prices, activity levels were expected to remain steady, supported by offshore market momentum and stable North American onshore drilling.

Key regions such as the Middle East and India were projected to sustain activity levels, while opportunities in the Asia-Pacific, particularly in geothermal energy, were anticipated to drive growth.

Hunting said it remained optimistic about its prospects, particularly in the OCTG product group, Subsea Spring, Stafford businesses, and Advanced Manufacturing businesses.

The company said it was poised to continue driving non-oil and gas diversification while pursuing strategic objectives outlined in its 2030 strategy

"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," said chief executive officer Jim Johnson.

"Our offshore and international businesses have delivered robust growth as we continue to build a more balanced and diversified business, underpinned by the strong technology and intellectual property that makes Hunting a market leader in precision engineered products across our markets.

"The growth and composition of our record order book demonstrates how much Hunting has evolved in terms of more diverse revenue and better visibility on earnings, and provides confidence in our near and longer-term outlook, as we deliver the Hunting 2030 strategy."

At 1010 GMT, shares in Hunting were up 2.67% at 308p.

Reporting by Josh White for Sharecast.com.

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