We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hunting Plc | LSE:HTG | London | Ordinary Share | GB0004478896 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.00 | -1.12% | 352.50 | 352.50 | 354.00 | 360.00 | 350.50 | 360.00 | 376,569 | 16:35:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil & Gas Field Services,nec | 725.8M | -4.6M | -0.0289 | -122.32 | 562.07M |
TIDMHTG
RNS Number : 2421C
Hunting PLC
12 April 2017
For Immediate Release 12 April 2017
Hunting PLC
("Hunting" or "the Company" or "the Group")
AGM
and
Q1 2017 Trading Update
Hunting PLC (LSE:HTG), the international energy services group, which will today be holding its Annual General Meeting commencing at 10.30a.m., issues a Q1 2017 trading update.
Revenues in the first three months of the year have been ahead of management's expectations, given the continued strong activity levels reported in the US shale regions leading to the Group reporting a positive underlying EBITDA in the period of approximately $5.5 million.
Of note, Hunting's Perforating Systems business remains very busy and continues to increase production to meet demand from customers operating in the US shale plays. Other businesses reporting positive EBITDA during the quarter include Hunting's Premium Connections, Trenchless and Specialty businesses. As noted in the Group's Full Year Results, Hunting's European OCTG businesses have also benefited from orders from the US and Middle East, leading to improved activity levels in the period.
While US onshore activity continues to demonstrate strong momentum, even at current WTI crude oil prices, management note that the US offshore and international operations continue to show weakness, given the lower forecast capital expenditures of the industry and the lower oil price environment.
Cash generation continues to be closely monitored, with working capital controls still in place across many of the Group's businesses. Net debt has increased to approximately $9.0 million since the year end, principally as a result of monthly revenue increases and the resultant trade receivables build up. Group-wide capital expenditures continue to be tightly controlled with spend in the quarter approximately $1.5 million.
While sentiment throughout the industry remains fragile, Hunting is well positioned to respond to the stabilising trading environment, utilising its global footprint of high efficiency manufacturing plants, led by an experienced management team. Management will continue the policy of regular trading updates in order to provide the market with guidance on the likely financial outturn for the calendar year 2017.
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123 Dennis Proctor, Chief Executive Peter Rose, Finance Director Tarryn Riley, Investor Relations Buchanan Tel: +44 (0) 20 7466 5000 Richard Darby Chris Judd Madeleine Seacombe
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUAUVRBNASAAR
(END) Dow Jones Newswires
April 12, 2017 02:00 ET (06:00 GMT)
1 Year Hunting Chart |
1 Month Hunting Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions