LONDON (dpa-AFX) - Hunting Plc (HTG.L) reported that its underlying EBITDA in the year to date is anticipated to be in the range of $22 million to $23 million, if trading for June 2020 performs in line with expectations. The Group said, as a consequence of the reduction in the WTI oil price in March caused by the COVID-19 pandemic, coupled with a market share battle within the OPEC+ group, trading within most of its businesses has reported a decline during second quarter 2020, following modest trading results in first quarter 2020.
Jim Johnson, Chief Executive said: 'Our business is likely to continue to see volatile trading throughout Q3 2020, but the Group's cost base has now been recalibrated to current market conditions, and the strength of our balance sheet ensures we are well positioned to remain resilient through these challenging market conditions.'
The Group's has an expected net cash position at 30 June 2020, before lease liabilities, in the region of $44 million to $46 million. The Group does not currently anticipate drawing down on the $160.0 million secured revolving credit facility.
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