Hunting PLC on Thursday announced a new share buyback, and plans for further cost savings, as it returned to profit in 2025.
The London-based supplier of equipment to the oil and gas industry swung to pretax profit of $65.5 million in 2025 from a $33.5 million loss in 2024. The prior-year figure included non-cash goodwill impairments of $109.1 million. Adjusted pretax profit increased by 5.4% to $79.7 million from $75.6 million.
Revenue slipped 2.9% to $1.02 billion from $1.05 billion.
Diluted earnings per share totalled 24.6 US cents compared to a loss of 17.6 cents a year ago.
Hunting proposed a final dividend of 6.8 US cents, up 13% from 6.0 cents a year ago, taking the total payout up to 13.0 cents from 11.5 cents, also a 13% increase.
In addition, Hunting announced a new $40 million share buyback, to be executed over the next two years until March 2028.
An existing $60 million buyback programme is targeted for completion this month.
Hunting said a cost reduction programme to be completed through to the end of 2027 will increase profitability and further streamline centralised costs with projected savings of around $15 million, in addition to those already announced.
Since 2024, Hunting has restructured its Hunting Titan and Europe, Middle East & Africa operating segments. Costs of around $20 million have been eliminated to date and will be realised by June 2026, the firm said.
Shares in Hunting rose 4.5% to 534.00p in London on Thursday.
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