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International energy services provider Hunting (LON:HTG) earned revenues of $442.8 million during the six months ended 30th June, a 39.2% improvement over the same period of the prior year driven by a strong increase in volume. Demand was boosted by a strong recovery in the US onshore drilling sector and more stable markets elsewhere in the world. The company also returned to an underlying operating profit, after booking a loss last year.
Chief Executive Jim Johnston said that: “The Group’s results for the first half of the year are underpinned by a strong market environment within US onshore completions, which has led to outstanding results for Hunting Titan and improving profitability for Hunting’s US operations.
“Outside the US, Hunting’s other reporting segments are seeing improving markets. However, there are headwinds given the introduction of trading tariffs for steel and the continuing volatile geopolitical environment.
“Given the interim financial results reported today and the more stable outlook, the Board is pleased to be re-instating dividend distributions to shareholders.”
Shares in Hunting climbed by 12.66% to 854.50p (as of 12:30 BST).