LONDON (dpa-AFX) - Hunting Plc (HTG.L) announced that trading in the first quarter of 2021 has been broadly in line with management expectations, with a small EBITDA loss being recorded, predominantly driven by subdued offshore drilling activity throughout the second half of 2020 and into 2021.
Cash at bank position was about $96.1 million at 31 March 2021, compared to $101.7 million at 31 December 2020. Inventory levels continue to reduce and were about $274.3 million at the end of Q1 2021, compared to $288.4 million at the 2020 year-end.
Hunting's Chief Executive, Jim Johnson said, 'As anticipated, whilst Q1 trading has remained subdued, our Hunting Titan segment reports quarter-on-quarter revenue growth alongside the stabilisation of revenue within our other operating segments. Green shoots of growth across most of our product lines are visible and this, combined with evidence that expectations for industry activity and capital spending continue to be upgraded, supports management's view that Hunting is well positioned for a return to growth in 2021.'
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