Hunting PLC Q3 Trading Statement (3775U)
October 24 2017 - 2:00AM
UK Regulatory
TIDMHTG
RNS Number : 3775U
Hunting PLC
24 October 2017
For Immediate Release 24 October 2017
Hunting PLC
("Hunting" or "the Company" or "the Group")
Q3 2017 Trading Update
Hunting PLC (LSE:HTG), the international energy services group,
today provides a trading update covering the period from 1 July to
23 October 2017.
During the period, as previously announced, Jim Johnson was
appointed to the Board as Chief Executive with effect from 1
September 2017.
Group revenues during the period have continued to strengthen,
primarily driven by US onshore activity levels. Quarterly revenues
have shown sequential growth through 2017 and management
expectations are now that revenues for the full year are likely to
be around the $700 million mark.
As reported in the Group's 2017 Half Year Results, Hunting has
returned to positive EBITDA in the year to date. For the nine
months to 30 September 2017, EBITDA was approximately $33
million.
Of note, the Group's businesses focussed on US onshore drilling,
which include Hunting Perforating Systems and Hunting Specialty
continue to report strong results. Hunting's Premium Connections,
Trenchless and European OCTG businesses have also supported the
Group's positive performance during the year. The Electronics
business is seeing an improved trading environment, partly driven
by activity levels in the major US shale basins.
The businesses which focus on offshore and international
drilling markets remain subdued, however tight cost management has
contributed to a narrowing of losses.
The recent hurricane activity within the Gulf of Mexico region
has had little impact on business operations - unfortunately a
number of our employees suffered personally, with water damage to
their homes.
Cash generation continues to be closely monitored, with working
capital controls remaining across the Group. Net debt has increased
to approximately $15 million, principally as a result of the
increase in revenues and the resultant working capital build up.
Group-wide capital expenditures continue to be tightly controlled
with spend in the year to date being approximately $7 million. By
year end the Group is expected to have a positive net cash
position.
In summary, the improved trading seen during the year,
particularly in the second half, should see the Group deliver a
modest pre-tax profit for the full year - this before charges for
intangible asset amortisation and any exceptional items. There are
currently no exceptional items recorded in the year to date
financials.
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123
Jim Johnson, 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
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