Hunting's annual revenue rises despite slump in oil prices
Hunting reported a 7% increase in annual revenue to $1.38bn as the energy services group proved resilient against a slump in oil prices.
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The company said the sharp reduction in crude oil did not affect its trading results with growth in offshore and onshore sectors.
However, Hunting posted a 20% drop in pre-tax profit to $108.5m, reflecting a $49.6m impairment due to slow trading and competition issues within the Hunting Electronics and Drilling Tools business units.
It offset a strong performance in the Well Construction division, driven by the Hunting Titan unit which supplies perforating systems for wells.
During the period, the group implemented expansion in the US including at its Hunting Dearbon operation and at Houma, Louisiana.
"Hunting's record performance in 2014 demonstrates the resilience and underlying strength of the group's business units, particularly our ability to generate significant levels of cash, while continuing to invest in our long term growth strategy,” said chief executive Dennis Proctor.
"The group is resetting its operational capabilities to align with the current lower oil and gas price environment, however, given our global footprint and diverse product and services offering, Hunting remains well positioned to capture any growth opportunities across its international operations as and when the wider market improves."
The final dividend was raised 5% to 22.9 cents.