TIDMHTG
RNS Number : 6271W
Hunting PLC
16 November 2017
For Immediate Release 16 November 2017
Hunting PLC
("Hunting" or "the Company" or "the Group")
Change to the Group's Segmental Reporting 2017
Hunting PLC (LSE:HTG), the international energy services group,
today announces a change to its segmental reporting under IFRS 8
Segment Reporting.
Further to the Board changes announced during the year which
came into effect on 1 September 2017, the Board has reviewed the
segmental presentation of financial information it requires to
assess performance and allocate resources. It now considers a more
geographic-focused reporting format based on the location of
operating activities to be more meaningful from a management and
forecasting perspective.
In line with these internal changes, external segmental
reporting has been revised to present the performance of Hunting's
US, Canada, Europe, Asia Pacific and Middle East and Africa
operations. Further, due to its size and nature of operations,
Hunting Titan's activities are reported separately. Hunting's
non-core Exploration and Production business unit is also reported
separately as its activities are different in nature to the Group's
other reporting segments.
The Board assesses the performance of the operating segments
based on revenue and operating results. Operating results is a
profit-based measure and excludes discontinued operations and the
effects of amortisation of acquired intangible assets and
exceptional items such as restructuring costs, onerous provisions
and asset impairments.
Further, the Board will provide revenue information by product
groups, to assist in investor understanding of the underlying
performance trends.
Revised Segmental Information
The Group's external revenue and operating results by operating
segment for the period 2013 - 2016 is detailed below. The four
years presented below together with 2017's segmental information in
the 2017 Annual Report will provide five years' information.
External Revenue 2016 2015 2014 2013
$m $m $m $m
------------------------------- ------ ------ -------- --------
Hunting Titan 142.5 200.2 352.9 281.6
US 162.0 321.1 540.9 531.7
Canada 26.3 42.9 69.5 60.8
Europe 70.1 134.6 194.2 176.0
Asia Pacific 43.7 90.1 199.5 216.9
Middle East, Africa and Other 8.2 17.4 19.4 18.6
Exploration and Production 3.0 4.2 10.1 8.0
------------------------------- ------ ------ -------- --------
Total - continuing operations 455.8 810.5 1,386.5 1,293.6
------------------------------- ------ ------ -------- --------
Operating Results 2016 2015 2014 2013
$m $m $m $m
------------------------------- ------- ------ ------ ------
Hunting Titan (3.6) 23.3 82.4 68.1
US (33.6) 13.5 94.1 92.5
Canada (4.0) (3.6) 1.3 (4.6)
Europe (25.7) (7.4) 8.0 12.3
Asia Pacific (13.3) (1.8) 31.1 29.9
Middle East, Africa and Other (9.3) (3.1) 0.9 0.7
Exploration and Production (2.7) (4.5) - 1.1
------------------------------- ------- ------ ------ ------
Total - continuing operations (92.2) 16.4 217.8 200.0
------------------------------- ------- ------ ------ ------
Hunting Titan: Hunting Titan manufactures and distributes
perforating products and accessories. The segment's products
include the H-1 Perforating System and the EQUAfrac shaped charge
technology. The business has four manufacturing facilities in the
US, supported by a distribution centre network at 21 locations
across North America.
US: The US businesses supply premium connections, OCTG, drilling
tools, subsea equipment, intervention tools, electronics and
complex deephole drilling and precision machining services for the
US and overseas markets.
Canada: Hunting's Canadian business manufactures premium
connections and accessories for oil and gas operators in Canada,
often focussed on heavy oil plays which require specialist tubing
technologies. Canada also manufactures perforating guns.
Europe: The segment derives its revenue primarily from the
supply of OCTG and well intervention equipment to operators in the
North Sea.
Asia Pacific: Revenue from the Asia Pacific segment is primarily
from the manufacture of premium connections and OCTG supply. Asia
Pacific also manufactures perforating guns.
Middle East, Africa and other: Revenue from the Middle East and
Africa is from the sale of in-field well intervention services
across the region which also acts as a sales hub for other products
manufactured globally by the Group.
Exploration and Production: The Exploration and Production
business comprises the Group's exploration and production
activities in the Southern US and offshore Gulf of Mexico.
Although the Canada and Exploration and Production segments do
not meet the quantitative thresholds required by IFRS 8 for
reportable segments, these segments are separately reported as they
are separately monitored by the Board.
Below is the Group's external revenue by product for the period
2013 - 2016.
External Revenue by Product 2016 2015 2014 2013
$m $m $m $m
------------------------------- ------ ------ -------- --------
OCTG and Premium Connections 189.6 355.5 620.2 607.4
Perforating Systems 143.0 205.3 353.8 282.1
Subsea 21.5 54.8 55.1 42.6
Intervention Tools 24.5 51.3 79.9 78.6
Drilling Tools 10.9 33.8 100.7 109.5
Advanced Manufacturing 45.2 85.4 138.8 138.6
Other 18.1 20.2 27.9 26.8
Exploration and Production 3.0 4.2 10.1 8.0
------------------------------- ------ ------ -------- --------
Total - Continuing Operations 455.8 810.5 1,386.5 1,293.6
------------------------------- ------ ------ -------- --------
For further information please contact:
Hunting PLC Tel: +44 (0)
Jim Johnson, Chief Executive 20 7321 0123
Peter Rose, Finance Director
Tarryn Riley, Investor Relations
Buchanan Tel: +44 (0)
Richard Darby 20 7466 5000
Ben Romney
Chris Judd
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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