Latest news with #FES
Business Wire
09-07-2025
- Business
- Business Wire
Hunting PLC ('Hunting' or 'the Company' or 'the Group') H1 2025 Trading Update, Increased Targeted Annual Dividends and Share Buyback Programme of up to $40 million
LONDON--(BUSINESS WIRE)--Hunting PLC (LSE:HTG), the precision engineering group, today publishes its H1 2025 Trading Update, announces an increase to its annual targeted dividend distributions, and proposes a Share Buyback programme of up to $40 million. Highlights Good year-on-year growth in EBITDA to c.$68-$70 million in H1 2025, up c.16% from H1 2024, led by a robust contribution from the OCTG product group. EBITDA margin of c.13% generated in the period. Total cash and bank / (borrowings) of c.$79 million as at 30 June 2025, with significant additional liquidity available via the Group's credit facilities to fund growth. Period-end sales order book of c.$450 million, ahead of Q1 2025 position of $439 million, with a tender pipeline of c.$1.1 billion. $38 million of new orders secured for the Group's titanium stress joints in the Gulf of Mexico and new plug and abandonment and field decommissioning projects in the North Sea. Net acquisition spend of c.$69 million after purchase of Flexible Engineered Solutions (Group) Holdings Limited ('FES') and Organic Oil Recovery ('OOR') technology and disposal of the Rival Downhole Tools investment. Ongoing restructuring of EMEA operating segment to save annualised costs of c.$10 million. Targeted annual dividend increase raised from 10% to 13%. Share Buyback programme of up to $40 million scheduled to commence following publication of the 2025 half year results, with the intention to complete over next 12 months. 2025 full year EBITDA guidance of c.$135-$145 million retained. Targeted year-end total cash and bank / (borrowings) position of c.$65-$75 million. Jim Johnson, Chief Executive of Hunting, commented: "Hunting has taken a significant step forward in the execution of its 2030 Strategy, with the completion of two acquisitions, which will accelerate growth in revenue and EBITDA to the end of the decade. Both FES and OOR demonstrate strong margin profiles, well in excess of the Group's long-range stated target of 15%. 'Our sales order book supports the robust outlook for the Group while our success within our Subsea product group in the Gulf of Mexico and North Sea confirms our strategy of pivoting our sales profile to longer cycle, more stable revenue opportunities. 'The first half of 2025 has seen strong trading for the Group. Hunting's robust cash generation and significant financial flexibility enables us to commence a Share Buyback and increase our targeted annual dividend distributions. We also continue to actively monitor further bolt-on M&A opportunities.' Trading Update Delivery of Hunting 2030 Strategy Hunting completed two acquisitions in the period, which will accelerate growth, generate higher cash flows, and improve capital returns going forward. The acquisition of FES, announced on 24 June 2025, for a consideration of $63 million, after closing adjustments, and the acquisition of the OOR technology from its founding shareholders on 7 March 2025, for a consideration of $18 million, are key milestones in the delivery of the Hunting 2030 Strategy. Hunting also disposed of its interest in Rival Downhole Tools in March 2025 for $12 million. Acquisition costs of c.$3 million have been incurred in the period and will be recorded as a one-off adjusting item in the 2025 half year results. During the period, the Group announced strong progress in expanding its regional and end-user presence for its titanium stress joint offering. The Subsea Spring business secured a new order from BP in the Gulf of Mexico, which represents a new blue-chip client for Hunting for this product. In addition, the Group's Enpro Subsea business secured a field decommissioning order for its Flow Access Module in the North Sea. In January 2025, the Group announced a material restructuring and cost reduction programme across its EMEA operating segment to save at least $10 million per annum. Hunting is in the process of closing its operating sites in the Netherlands and Norway and transferring assets to Indonesia, Saudi Arabia, the UAE and the UK, while retaining a sales presence in Norway. A restructuring charge of c.$9 million will be recorded as a one-off adjusting item in the Group's 2025 half year results. Product groups In the period, the Group's OCTG product group traded ahead of management's expectations, as stronger margins were delivered through the final four shipments of OCTG and premium connections to Kuwait Oil Company ('KOC'). These are in addition to strong bookings received within Hunting's North America OCTG business, as demand for high-torque, longer lateral well completions was reported. Despite the softening in the North American onshore market, the Perforating Systems product group returned to profitability in the period as the impact of the recent restructuring and the focus on improving production variances, including a higher level of cost overhead absorption for certain product lines being delivered, led to the improved performance. Hunting's Subsea product group's performance is expected to be second-half weighted, with a number of planned deliveries in H2 2025, alongside the contribution from FES. The Advanced Manufacturing product group reported performance marginally behind plan as slower MWD/LWD component sales were partially offset by more robust non-oil and gas sales. Overall, the outlook for all product groups remains solid with opportunities for growth in all of Hunting's key operating regions, despite the market volatility seen in the first half of the year. Operating segments In respect of the Group's reported operating segments, results have overall been in line with expectations, with North America and Asia Pacific ahead of expectations and EMEA and Subsea Technologies marginally behind plan. The restructuring of the EMEA operating segment will be completed by the end of Q3 2025, with a neutral EBITDA being projected for the operating segment for the full year. Sales order book and tender pipeline Although there was significant market volatility during the quarter, the Group reports a period-end sales order book of c.$450 million, which is ahead of the Q1 2025 position of $439 million, as new OCTG, Subsea and Advanced Manufacturing orders were secured. With the acquisition of FES, coupled with potential orders for OCTG across the Group's international footprint, the Group's tender pipeline remains extremely strong at c.$1.1 billion. 2025 full year guidance Based on these trading results, the Directors remain comfortable with full year EBITDA guidance of c.$135-$145 million, in line with market expectations. Year-end total cash and bank / (borrowings) position is expected to be c.$65-$75 million, before the proposed Share Buyback and any other possible M&A. Proposed Share Buyback Programme (the 'Share Buyback') 1 The Directors regularly review the Group's cash performance and ongoing capital requirements within the capital allocation framework. The Board concluded that it is currently appropriate to undertake a capital return of up to $40 million (excluding stamp duty and expenses) through a Share Buyback. Hunting will retain sufficient financial flexibility to continue investing in its strategy to deliver sustainable growth and attractive returns. The Directors reserve the right to pause or stop the Share Buyback if a compelling acquisition opportunity or strategic capital investment is approved by the Directors and is considered to be in the best interests of shareholders. Any shares purchased by the Company pursuant to the Share Buyback programme will be cancelled and the Company's share capital will be reduced accordingly. Hunting proposes to commence the Share Buyback on Thursday 28 August 2025 when it publishes its 2025 half year results and exits its current close period. The Directors anticipate that the Share Buyback, if implemented in full, will take up to 12 months to complete. A further announcement concerning the Share Buyback programme will be made upon its commencement. Dividend The Directors continue to believe that a clear annual dividend policy is a key element of the Hunting investment case. At the September 2023 Capital Markets Day ('CMD'), Hunting announced its long-term dividend policy, whereby total dividend distributions would increase at a minimum rate of 10% annually to 2030. Reflecting the Company's strong cash generation since the CMD and pivot to longer cycle sales, the Directors have decided to raise the targeted annual increase in dividends to 13% following the capital allocation policy review. Other Capital Allocation Considerations The Directors re-affirm the Board's capital allocation policy whereby the Company will continue to invest in the Group's core operations with organic capital investment remaining broadly in line with the Group's depreciation to the end of the decade. Further, the Directors continue to pursue bolt-on acquisitions in areas including subsea technologies, intelligent well completions and non-oil and gas, all of which form the basis of the Hunting 2030 Strategy. Investor Meet Company Webcast Hunting's management will provide a live presentation via the Investor Meet Company platform today commencing at 2:00p.m. (UK) / 8:00a.m. (CST). The presentation is open to all existing and potential shareholders. Questions can be submitted via the Investor Meet Company webcast during the live presentation. Investors can sign up to Investor Meet Company free and add to meet Hunting PLC at: Investors who already follow Hunting on the Investor Meet Company platform will automatically be invited. 2025 Half Year Results Hunting PLC will announce its 2025 half year results on Thursday 28 August 2025. About Hunting PLC Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ('ESCC') category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America. The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ('EMEA'); and Asia Pacific. The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and Other Manufacturing. Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66. Inside information The information contained within this announcement is considered by Hunting to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. This announcement contains inside information. The person responsible for this announcement at Hunting is Ben Willey, Company Secretary. Note A resolution, which gives the Directors authority to execute a share buyback, was approved at the Company's Annual General Meeting ('AGM') in April 2025. Further information in relation to the resolution can be found with the 2025 Notice of AGM at
Yahoo
25-06-2025
- Business
- Yahoo
Hunting acquires Flexible Engineered Solutions for £50m
Precision engineering group Hunting has completed the acquisition of Flexible Engineered Solutions (FES), a UK-based company, for £50m ($67.98m) on a cash-free/debt-free basis. The transaction is subject to customary post-completion adjustments and marks a significant step in the execution of Hunting's 2030 Strategy. The acquisition, funded from Hunting's existing cash resources, aligns with the company's strategic focus on expanding its offshore and subsea revenue streams. FES brings proprietary subsea fluid transfer technologies to Hunting's portfolio, offering potential for product bundling and cross-selling with the company's existing subsea businesses. The technology is critical for floating production storage and offloading vessels (FPSOs) and subsea distribution systems, and is expected to enhance Hunting's product coverage in deep-water and ultra-deep-water markets. Hunting CEO Jim Johnson said: "We are pleased to complete the acquisition of FES. It immediately boosts our subsea portfolio with proprietary products and capabilities and clearly demonstrates progress on our Hunting 2030 Strategy. 'FES's fluid transfer solutions perfectly complement our existing subsea and FPSO-related lines, creating strong product bundling and cross-selling opportunities with our existing subsea businesses as well as the potential for further international growth. 'FES's blue-chip customer base, international profile and high margin, mission critical applications make the business an ideal fit for Hunting.' FES' strong margin profile and growth trajectory are expected to be accretive to Hunting's EBITDA (earnings before interest, taxes, depreciation and amortisation) margins. The integration of FES is poised to be earnings accretive in the first full financial year post-acquisition, excluding acquisition costs and adjustments. Furthermore, Hunting aims to leverage its global presence to expand FES' international reach in strategic locations including Brazil, South East Asia, the US and West Africa. In March, Hunting acquired organic oil recovery (OOR) technology from its original shareholders for $17.5m. This acquisition grants Hunting global rights to OOR technology, including more than 25 patents, distribution rights and a laboratory in California, US, bolstering the company's ability to accelerate commercialisation in North America and globally. "Hunting acquires Flexible Engineered Solutions for £50m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
24-06-2025
- Business
- Business Wire
Hunting PLC ('Hunting' or 'the Company' or 'the Group') Acquisition of Flexible Engineered Solutions (Group) Holdings Limited ('FES') and Capital Allocation Policy Update
LONDON--(BUSINESS WIRE)--Hunting PLC (LSE:HTG), the precision engineering group, today announces that it has completed the acquisition of the entire issued share capital of Flexible Engineered Solutions (Group) Holdings Limited ('FES'), a company based in the United Kingdom, for a total cash consideration of £50m, on a cash free / debt free basis, and which is subject to customary post-completion adjustments. Acquisition highlights and strategic rationale The transaction represents an important step towards the delivery of the Hunting 2030 Strategy, strengthening Hunting's growing offshore / subsea revenue profile and increasing the Group's product coverage of deepwater and ultra deepwater markets: The transaction provides access to proprietary subsea fluid transfer technologies and system solutions for the offshore oil and gas and renewable energy industries, which are well-aligned to Hunting's current customer base. FES's portfolio of fluid transfer solutions are used in Floating Production Storage and Offloading vessels ('FPSOs') and Subsea Distribution Systems ('SDSs') and provides significant product bundling and cross-selling opportunities for Hunting's other subsea businesses across key offshore regions. FES's mission critical and highly engineered proprietary technology has driven robust growth and delivered a strong margin profile, which will be accretive to Hunting's EBITDA margins. There is significant potential to grow FES's existing international presence via Hunting's global footprint in key customer locations such as Brazil, South East Asia, USA and West Africa. The addition of FES to the Group is expected to be earnings accretive in the first full financial year of ownership (before acquisition costs and normal acquisition adjustments such as fair value adjustments and the amortisation of intangible assets), as well as being highly cash generative. The acquisition is in line with Hunting's broader growth strategy, outlined at the Group's Capital Markets Day in September 2023, which detailed its expansion into the subsea equipment sub-sector of the energy industry. The acquisition has completed, with the consideration being funded from Hunting's existing cash resources. FES is being acquired from members of its current management team, with the senior management team, comprising the principal sellers of FES, agreeing to remain with Hunting for at least twelve months post-acquisition. FES will be integrated within Hunting's Subsea Technologies operating segment and will report into Dane Tipton, the managing director of this operating segment. Commenting on the acquisition, Jim Johnson, Chief Executive of Hunting, said: "We are pleased to complete the acquisition of FES. It immediately boosts our subsea portfolio with proprietary products and capabilities and clearly demonstrates progress on our Hunting 2030 Strategy. 'FES's fluid transfer solutions perfectly complement our existing subsea and FPSO-related lines, creating strong product bundling and cross-selling opportunities with our existing subsea businesses as well as the potential for further international growth. 'FES's blue-chip customer base, international profile and high margin, mission critical applications make the business an ideal fit for Hunting.' Capital Allocation Policy Update Hunting remains a highly cash generative business with considerable financial flexibility and, following the completion of the FES acquisition, the Group retains total cash and bank / (borrowings) of c.$40m. Following the successful acquisition of FES, the Group is reviewing its capital allocation policy and priorities and will confirm its intentions in the coming weeks. Financial performance (unaudited) For the year ended 31 December 2024, under UK GAAP, FES generated revenue of £31.3m and EBITDA of £6.2m. Adjusting EBITDA to include the impact of IFRS 16 'Leases' and other management adjustments, FES recorded EBITDA of £6.7m in 2024. At 31 December 2024, under UK GAAP, FES's balance sheet recorded net assets of £33.1m and gross assets of £36.2m. All of FES's 2024 results are subject to audit. At completion, FES recorded a sales order book of c.£11.8m, with a robust tender pipeline and bid opportunities extending in excess of £100m. Overview of FES Headquartered in Ashington, Northumberland, UK FES operates from a 35,000 sq. ft. facility, in addition to a 6,000 sq. ft. test facility. FES currently has 46 employees. FES has diverse customer, product and market exposure and is a leader in its three core divisions of oil and gas fluid handling, with a portfolio of products used in FPSO and deepwater subsea distribution applications. FES's solutions have been deployed in many key offshore regions including the Gulf of Mexico, West Africa, and South America and the majority of its revenues coming from international business outside the UK. FES also benefits from long-term relationships with a wide variety of blue-chip customers, including super majors, independent oil and gas companies, and international energy service companies, working on large, multi-year projects, that provide high levels of earnings visibility. FES owns intellectual property in respect of a number of its product lines with a balanced portfolio of capabilities, which include: Diverless Bend Stiffener Connectors ('DBSC'); Turret Systems; Fluid Transfer Swivels; Hydraulic, Electric and Fibre Stab Plates; Subsea Control Panels; Pig Launchers; Spooling Systems; Seawater Intake Systems; and Suction Pile Vent Hatches. FES's DBSC solution provides support and protection for the production umbilicals, flexible and power cables used within offshore oil and gas production infrastructure. There are clear opportunities to grow FES in the floating offshore wind sector and the business has further implemented its DBSC technology to provide a turnkey cable connection system for the offshore renewable market. For further information on FES's products please visit or visit Webcast and Analyst Call An overview of FES and its contribution to Hunting's strategic growth path, as laid out in its Hunting 2030 Strategy, will be provided at a webcast which will commence at 2:00p.m. (London) / 8:00a.m. (Houston) today. Jim Johnson, Chief Executive; Bruce Ferguson, Finance Director; and Dane Tipton, managing director of the Subsea Technologies operating segment, will provide a short presentation followed by a question and answer session. To access the webcast, please contact Sodali & Co via Hunting@ Next Trading Update Hunting PLC will be announcing its H1 2025 Trading Update on Wednesday 9 July 2025. About Hunting PLC Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ('ESCC') category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America. The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ('EMEA'); and Asia Pacific. The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG, Perforating Systems, Subsea, Advanced Manufacturing and Other Manufacturing. Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66. Inside information The information contained within this announcement is considered by Hunting to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Ben Willey, Company Secretary of Hunting.
The Citizen
12-06-2025
- Entertainment
- The Citizen
Dorpse July raises not only funds but spirits too
The Rotary Club of Krugersdorp and Friends of Emergency Services (FES) took hands to raise funds by racing fictitious donkeys at their annual Dorpse July. • Also read: Rotary Anns gather for annual conference One of the directors at FES, Angie van den Berg, said this was their second Dorpse July, which is a beloved Donkey Derby event and was once again a wonderful success. 'This year it was held in support of FES, where the event brought together around 120 attendees for an evening of fun, laughter, and giving back to the community,' she said. Angie added that the fundraiser aided vital emergency services needs in the area. Funds will be shared between Rotary and FES to directly support their ongoing community work. 'The atmosphere was relaxed and joyful, with attendees enjoying every moment of the derby. One of the highlights of the evening came when guests spontaneously stepped forward to make additional donations; a heartwarming gesture that reminded us all of the power of community and the importance of the cause,' she explained. The Krugersdorp News attended the evening, where stick horses were used as the racing donkeys. Participants could then bid on the donkey to cross the finish line. The winning bidder could then get on one of the multi-coloured donkeys they won, and two pairs of dice were thrown. One dice determined the colour of which donkey moved forward, and another dice determined how far he would move. There were prizes for the winners of the race, as well as for people who bet on the winning horse. The evening concluded with an auction, with all proceeds to benefit organisations. 'The Dorpse July is now a staple annual event, and we're already looking forward to an even bigger and better derby in 2026! A heartfelt thank you to everyone who attended and contributed – your support makes all the difference,' Angie concluded. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading! Stay in the know. Download the Caxton Local News Network App Stay in the know. Download the Caxton Local News Network App here
Yahoo
11-06-2025
- Business
- Yahoo
Clay County Schools faces $10M budget hole ahead of new school year
Clay County Schools Superintendent David Broskie says the district is facing a $10 million budget shortfall heading into the 2025-2026 school year. 'Right now, the county's costs are more than the money that we make,' the superintendent shared. In a May workshop meeting, the county leader named inflation, uncertainty with the state budget, and decreased enrollment as some reasons the county is facing a loss. The superintendent's budget presentation showed 500 fewer students enrolled in the county, resulting in millions of dollars in losses. 'So if you look at it... The difference of about 500 students... you're looking at about 4 million dollars just there,' Broskie said. The report also detailed the millions of dollars in local and state funds going towards Family Empowerment Scholarships (FES), or private school vouchers. Related: Mayor Deegan signs resolution calling on Florida to continue funding advanced courses It's something the superintendent named as another contributor to the county's budget deficit. In fiscal year 2024- 2025, over $24.3 million in aid went towards the vouchers. That's a jump from the $16.8 million that local and state governments paid out in FY 2023-2024. By the next fiscal year, the superintendent said that early estimates show that number will increase to $30 million. To better manage the county's budget, district leaders are reviewing all district and school allocations. The move will affect hundreds of school employees. >>> STREAM ACTION NEWS JAX LIVE <<< [DOWNLOAD: Free Action News Jax app for alerts as news breaks] Clay County Spokesperson, Terri Dennis, sent Action News Jax this response: 'To proactively manage our resources and align with our projected budget, we have made adjustments to approximately 200 employee allocations. We want to assure our community that all employees impacted by these shifts have been offered new positions for which they are certified or qualified. These opportunities span a variety of roles, including instructional, support, and administrative positions, ensuring that we continue to leverage the talents of our dedicated staff. Superintendent Broskie also says the county is making other adjustments to better manage its resources during this financial challenge, like; Renegotiating district contracts Evaluating the profitability of all district programs Pausing all travel expenses Initiating a hiring freeze Florida lawmakers continue their state budget negotiations in Tallahassee. The legislative session was supposed to end on May 2nd. [SIGN UP: Action News Jax Daily Headlines Newsletter]
