LONDON (dpa-AFX) - Energy services group Hunting PLC (HTG.L) Thursday reported that its first-half revenue has increased from last year, with EBITDA currently expected to be marginally ahead of the prior year.
In its pre-close trading update, ahead of half year results announcement on August 29, the company said it continues to trade in line with management's expectations. The US onshore completions market improved following a cautious start due to the volatility in the WTI oil price during the prior year's fourth quarter.
The WTI oil price has increased to $58 per barrel from $45, providing some improved stability within the US market. It also supports Hunting's international businesses, including in Asia Pacific and EMEA businesses, which reported improved trading. Meanwhile, Canadian market remains subdued.
Hunting Titan's revenue was broadly in line, while operating profits and margins were lower.
The US segment has traded ahead of expectations, with improved demand for Premium and Semi-Premium Connections and Accessories, Advanced Manufacturing and Subsea products.
Hunting's newly formed EMEA segment is reporting reduced operating losses.
Looking ahead, the company said, 'Overall the Board is comfortable with the current market consensus for the full year 2019. While there are some encouraging signs in the US segment and increased activity levels in the North Sea and Middle East, we continue to acknowledge the potential impact of a volatile oil price on markets and activity levels coupled with cash spend disciplines exercised by our clients to stay free cash-flow positive and within budget.'
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