Hunting PLC has released its year-end trading update, reporting that its 2023 trading and financial outturn are in line with previous guidance and market expectations. The company expects its EBITDA to be in the range of $96-$100m, with group revenue expected to be in the range of $925-$930m. The EBITDA margin for the year is approximately 10.5%, up from 7% in 2022, and on track to meet the 2025 target of approximately 14-16%.

Hunting's sales order book has seen significant improvement, standing at around $575m, up 12% from the end of Q3 2023 and 21% from the 2022 year-end. The company has also achieved strong cash generation in Q4 2023, with total cash and bank at year-end expected to be $nil. The disposal of residual oil and gas production assets was completed in Q4 2023, further streamlining the Group's operating activities.

The company's 2024 EBITDA expectations remain unchanged at approximately $125-$135m, driven by the strong order book. Jim Johnson, Chief Executive of Hunting, expressed pride in the team's performance, highlighting strong revenue growth and nearly doubling EBITDA compared to 2022. He also emphasized the company's diverse product lines, including energy-related and non-oil and gas, which have enabled solid top-line growth.

The trading statement for Q4 2023 indicates that EBITDA is anticipated to be in the range of $96-$100m for the full year. The Group's sales order book has continued to strengthen, approaching a record level of around $575m. Sales within the Group's product lines, including OCTG, Perforating Systems, Subsea, Advanced Manufacturing, and Other Manufacturing, have shown varying levels of growth and performance.

The North America operating segment has delivered a strong year of EBITDA growth, with demand for Premium Connections and Accessories accelerating throughout the year. The Hunting Titan operating segment has reported stable results despite the declining US onshore rig count throughout the year.

Overall, the update reflects a positive year for Hunting PLC, with strong financial performance, a growing sales order book, and strategic initiatives in place to support continued growth in 2024.