Hunting PLC Delivers In-Line Q1 2025 Trading Update
Why we think this is neutral
The Q1 2025 trading update from Hunting PLC indicates the company has traded in line with expectations, delivering EBITDA growth but no significant outperformance. The company faces some potential headwinds from trade tariffs and commodity price declines, but believes the impact will be immaterial. Overall, the update paints a neutral picture, with no major positive or negative surprises.
Key Points
- Q1 2025 EBITDA of c.$38.7 million, up from c.$28.9 million in Q1 2024
- EBITDA margin of 14%, up from 12% in Q1 2024
- All product groups traded in line with expectations
- Completed acquisition of Organic Oil Recovery technology and disposed of Rival Downhole Tools interest
- Assessing potential impact of trade tariffs and commodity price declines, believes impact will be immaterial
Summary
Hunting PLC has delivered a Q1 2025 trading update in line with expectations, reporting EBITDA of c.$38.7 million (up from c.$28.9 million in Q1 2024) at a 14% EBITDA margin (up from 12% in Q1 2024). All product groups traded as expected. The company has also completed the acquisition of Organic Oil Recovery technology and disposed of its interest in Rival Downhole Tools. Management continues to assess bolt-on acquisitions, with a focus on subsea and intelligent well completion businesses. The company has assessed the potential impact of international trade tariffs and commodity price declines, and believes the ongoing impact on its prospects will be immaterial.