Hunting PLC has released its Q1 2024 Trading Update and announced a Directorate Change. The company reported a positive start to the year, with EBITDA of approximately $28.9 million, slightly exceeding management's expectations. The sales order book remains healthy at around $544.0 million, with the tender pipeline for new OCTG orders remaining strong. The OCTG and Subsea product groups reported a good first quarter, ahead of management's expectations, driven by robust offshore and international activity. The Advanced Manufacturing business also reported a positive quarter, with a good mix of energy and non-oil and gas sales. However, the Perforating Systems reported a slower first quarter due to soft US onshore markets. The company's full-year guidance remains unchanged, targeting EBITDA of $125-135 million and an EBITDA margin of 12-13%.

Hunting's Chief Executive, Jim Johnson, expressed satisfaction with the Q1 2024 results, stating, "The year has started positively for the Group, with Q1 2024 results marginally ahead of management's expectations, and well ahead of the Q1 2023 result, which demonstrates the continued growth momentum of the Group." He also highlighted the strong performance of the Subsea product group during the quarter. Johnson expressed confidence in the industry's growth in 2024, driven by geopolitical and macro-economic factors, and reiterated the company's confidence in delivering its current EBITDA guidance.

The company's EBITDA in Q1 2024 was approximately $28.9 million, compared to $22.4 million in Q1 2023. The working capital increased in the quarter due to the current sales order book and forward purchasing of raw materials associated with imminent projects. The Group's OCTG product lines have shown strong activity in North and South America and Asia Pacific, supported by buoyant levels of offshore and international projects. The Subsea product lines also reported strong results during Q1 2024, with increased orders for various products. The Advanced Manufacturing product lines continue to report good growth, while the Perforating Systems product lines are targeting increasing international sales.

Additionally, the company announced a Directorate Change, with Jay Glick retiring as a Director at the conclusion of the AGM and Stuart Brightman succeeding Mr. Glick as Hunting PLC's Company Chair. The Board expressed gratitude to Jay Glick for his contributions to the company.

In summary, Hunting PLC's Q1 2024 Trading Update reflects a positive start to the year, with strong performance in key product groups and a reaffirmation of the company's full-year EBITDA guidance.