REG - Hunting PLC - Cost Reduction Plan & Update to Capital Allocation

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RNS Number : 3876V  Hunting PLC  05 March 2026

 For Immediate Release  5 March 2026

 

 

 

 

Hunting PLC

 

("Hunting" or "the Company" or "the Group")

 

Cost Reduction Plan

and

Update to Capital Allocation Priorities

 

Hunting PLC (LSE: HTG), the global precision engineering group, today provides
an update to its cost reduction plans, as part of the Group's Hunting 2030
Strategy, in addition to updating investors on its ongoing capital allocation
priorities.

 

Highlights

 

·          Cost reduction plan to be completed through to the end
of 2027 will increase profitability and further streamline centralised costs
with projected savings of c.$15 million, in addition to those already
announced.

·          Proposed second Share Buyback programme, totalling $40
million, to be executed over two years up until March 2028.

 

Cost Reduction

 

Since 2024, Hunting has continued to maximise profitability through the
significant restructuring of its Hunting Titan and EMEA operating segments.
Costs of c.$20 million have been eliminated to date and will be realised by
June 2026, once the Group's Fordoun, Aberdeen, operating site is closed.

 

In addition to these programmes, the Group implemented regional shared-service
business functions in Q4 2025 in Europe and North America. This is expected to
result in further ongoing SG&A cost savings. Other operational and
centralised cost savings are also being pursued and are expected to result in
additional savings of c.$15 million per annum by 2028.

 

Proposed New $40 million Share Buy Back Programme

 

The Directors have continued to review their capital allocation priorities and
pursue bolt-on acquisitions and other growth opportunities. The Directors
today announce the intention to complete a further $40 million Share Buyback
programme. The new Share Buyback programme is to be completed over a two-year
period, with c.$20 million per annum being targeted for completion, and the
Share Buyback will be subject to pre-agreed parameters. This quantum of
repurchases broadly matches the proposed dividend distributions in this
timescale, with the Directors targeting a balanced capital allocation and
return to shareholders over the next two years.

 

Commenting on the restructuring and updated capital allocation, Jim Johnson,
Chief Executive of Hunting said:

 

"Our business remains focused on maximising profitability and cash generation,
alongside pursuing our Hunting 2030 Strategy to deliver top line revenue
growth through our key products and technology offering.

 

"In addition, the proposed new $40 million Share Buyback programme reflects
our confidence in our cash generation and increases our returns to
shareholders, providing an ambition which now extends to 2028."

 

For further information please contact:

 

 Hunting PLC                        Tel: +44 (0) 20 7321 0123

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Sodali & Co                        Tel: +44 (0) 78 5543 2699

 James White

 Tilly Abraham

 

or

 

lon.IR@hunting-intl.com

 

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, 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

 

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