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Investing.com -- Hunting Plc (LON:HTG) reported first-half revenue of $529 million and EBITDA of $70.2 million, both slightly below analyst expectations, as large Kuwait Oil Company contracts supported margins but overall results missed consensus on Thursday.
The British company also announced a $40 million share buyback program to be carried out in three phases. The first two tranches are expected to complete in early 2026, with the third scheduled for the second quarter of that year.
Operating profit for the period was $36 million and net income totaled $21 million. Analysts had expected $545 million in revenue and $72.6 million in EBITDA, while RBC Europe had forecast $571 million and $75 million.
The company ended the first half with $79 million in cash and borrowings. Cash flow from operations reached $91 million, which helped offset the impact of acquisitions of OOR and FES totaling $79 million and the sale of Rival during the period.
Hunting kept its full-year 2025 EBITDA guidance unchanged at $135 million to $145 million.
The order book stood at $452 million, compared with $509 million at the end of 2024, following delivery of major Kuwait contracts.
The company said the tender pipeline remains above $1.1 billion, supported by Subsea orders and opportunities in OCTG.
The acquisition of FES is expected to expand opportunities in the second half of the year.
RBC Europe said Hunting shares closed at 313 pence on Aug. 27, trading about 5% below first-half 2025 book value. The brokerage maintained an “outperform” rating and a price target of 440 pence.