Hunting PLC AGM & Q1 2018 Trading Update & Directorate Change (2350L)
18 April 2018 - 4:00PM
UK Regulatory
TIDMHTG
RNS Number : 2350L
Hunting PLC
18 April 2018
For Immediate Release 18 April 2018
Hunting PLC
("Hunting" or "the Company" or "the Group")
AGM and Q1 2018 Trading Update
and
Directorate Change
Hunting PLC (LSE:HTG), the international energy services group,
will today be holding its Annual General Meeting commencing at
10.30a.m., and ahead of the meeting, issues a Q1 2018 trading
update.
Trading Update
Revenues in the first three months of the year have been at a
similar average monthly run rate to that reported in Q4 2017. The
Group also continues to benefit from operational leverage as
volumes increase against an already reduced cost base. Activity
levels within the onshore North American completions market remain
strong, leading to the Group reporting an underlying EBITDA in the
period of approximately $32.7 million. International and US
offshore markets continue to show signs of improvement, with new E
& P projects being considered by global operators.
Hunting Titan has reported strong results in the quarter, as
activity in the onshore North American shale basins continue to
strengthen. Sales in the period were supported by growing demand
across its perforating, energetics and instrumentation product
lines.
In the US and Canada segments, revenues continue to stabilise
and notably, there are now signs of improvement in offshore markets
as operators consider activating projects.
Within Europe, activity in the North Sea remains generally
subdued, however, contract wins have been secured in the year to
date in the Netherlands and the UK, which will provide increased
activity for these facilities into the second half of the year.
In Asia Pacific, activity levels within the region remain mixed,
with positive results in China being offset by lower utilisation in
Singapore and Indonesia.
In the Middle East and Africa, Group operations report improved
activity levels in Saudi Arabia and the UAE. Following the decision
to close down our operation in South Africa, sale of the Cape Town
manufacturing facility is advancing with completion expected before
mid year. A regional office is being maintained to support the
Group's sub-Sahara Africa sales.
In the period, working capital outflows have increased,
reflecting the strong demand seen in North America. Given the
positive cash position of the Group at year-end and the improving
cash generation from operations in the quarter, the Group
maintained a net cash position at the quarter end of $3.6 million.
Group capital expenditures continue to be tightly controlled with
spend in the quarter being approximately $3.7 million - mostly
relating to Hunting Titan capacity enhancement expenditure within
its energetics and perforating divisions.
The Group has started the year well and given that the general
market outlook remains steady in North America and Hunting's other
regional operations are seeing improved market sentiment,
management expectations for the full year have improved. Management
therefore currently expect the full year result to be within the
upper half of current market consensus.
Directorate Change
As previously announced, John Nicholas will retire as a Director
of the Company at the conclusion of the Annual General Meeting. In
compliance with section 430(2B) of the Companies Act 2006, Mr
Nicholas will shortly receive all relevant fees up to today's date
in respect of his role, with no further payments due to him from
his retirement date.
The Board would like to thank John for his service to the
Company since 2009, in particular as Chairman of the Audit
Committee. New non-executive Director appointments to the Board
will be announced shortly.
The next scheduled trading update is 28 June 2018, ahead of the
Company's interim results due for release on 30 August 2018.
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
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, 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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