25 March 2010 - 2009 Full Year Results For Immediate Release | 25 February 2010 |
Hunting PLC ("Hunting", the "Company" or the "Group")
Full Year Results
Hunting PLC (LSE:HTG), the international energy services company today announces its full year results for the year ended 31 December 2009.
Financial Highlights - for continuing operations
· Revenue £359.9m (2008 - £418.5m) |
· Profit from operations before exceptional items £35.8m (2008 - £58.8m) |
· Profit from operations £36.4m (2008 - £7.9m) |
· Basic earnings per share before exceptional items 17.7p (2008 - 26.4p) |
· Basic earnings per share 18.2p (2008 - (3.6)p) |
· Second interim dividend of 7.0p payable on 31 March 2010 to shareholders on the register on 5 March 2010 - total for 2009 - 10.5p (2008 - 9.9p)* |
· Net cash of £365.0m (2008 - £372.3m) |
* This second interim dividend replaces the final dividend that would normally be approved at the Annual General Meeting of the Company to be held in April 2010 and paid thereafter.
Corporate Highlights
· Three acquisitions completed during the year totalling £47.3m:
o National Coupling Company, a leading developer and manufacturer of subsea hydraulic equipment, for a consideration of £31.8m
o PT SMB Industri, an oil country tubular goods premium threading operation, for a consideration of £6.3m
o Welltonic, a provider of well intervention products and services, for a consideration of £9.2m
· Broadened global footprint 2010 - 28 facilities (2009 - 22)
· Disposal of Hunting Energy France for a consideration of £11.1m
Segmental Results - before exceptional items, interest and share of post-tax profits of associates
| 2009 | 2008 |
| Revenue £m | Profit from operations £m | Revenue £m | Profit from operations £m |
Hunting Energy Services | | | | | | | | |
Well Construction | | 77.9 | | 3.3 | | 112.0 | | 13.5 |
Well Completion | | 176.2 | | 20.3 | | 189.8 | | 26.6 |
Well Intervention | | 29.4 | | 4.0 | | 23.3 | | 4.6 |
Exploration and Production | | 5.6 | | 0.3 | | 14.8 | | 5.9 |
| | | | | | | | |
Gibson Shipbrokers | | 20.8 | | 0.7 | | 31.2 | | 6.9 |
Field Aviation | | 50.0 | | 7.2 | | 47.4 | | 1.3 |
| | | | | | | | |
Total | | 359.9 | | 35.8 | | 418.5 | | 58.8 |
Commenting on the results, Dennis Proctor Chief Executive Officer of Hunting said:
"Against the backdrop of the severe economic environment and challenging market conditions in the oil and gas industry, Hunting has delivered a robust performance during 2009. The Group continues to show good growth in its Asia Pacific markets, an area where further expansion is planned in 2010, as our other core markets recover in line with global demand for our products and services. We have also employed our cash to execute three acquisitions during the year, which consolidates our offering in a number of key regions. We look to the coming year with confidence."
For further information please contact:
Hunting PLC Dennis Proctor, Chief Executive
Peter Rose, Finance Director | Tel: 020 7321 0123 |
Buchanan Communications Ben Willey
Richard Darby | Tel: 020 7466 5000 |
Notes to Editors. About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.