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UK's Hunting buys back $40 million, increases dividend target

Hunting, a British energy services company, plans to buyback shares worth $40m and increase the annual dividend as it predicts a 16% rise in core profit for the first half. Shares of Hunting reached a five-month-high on Wednesday.

Hunting, a company that manufactures high-tech systems, precision parts, and critical components for oil and gas, plans to increase its annual dividend from over 10%, by 13%.

The company stated that the core profit for the first half 2025 will be between $68 and $70 millions. It also reaffirmed the forecast of $135 to $145 million in 2025.

The British company expects its operations to be unaffected by the tariffs that President Donald Trump imposed on the world. This is because its supply chain has been diversified globally.

"We are well positioned to bypass tariff barriers..." "In some product lines we have simply rerouted the supply to avoid markets that are tariff-affected," said CFO Bruce Ferguson in an interview.

There is no tariff risk with Hunting Titan or our U.S. operation.

Hunting Titan, a major division of Hunting Titan, manufactures and distributes logging and perforating systems.

By 0821 GMT, shares were up last 12% to 338 pence.

Berenberg analysts wrote in a report that Hunting is well-positioned to benefit from any U.S. recovery and has a diversified revenue base that includes international and subsea market segments, which makes it more resistant to lower commodity prices. (Reporting by Ankita Bora in Bengaluru; Editing by Harikrishnan Nair)

(source: Reuters)