Hunting PLC Pre Close Trading Statement (5911R)
December 13 2016 - 2:00AM
UK Regulatory
TIDMHTG
RNS Number : 5911R
Hunting PLC
13 December 2016
For Immediate Release 13 December 2016
Hunting PLC
("Hunting" or "the Company" or "the Group")
Pre Close Trading Statement
Hunting PLC (LSE:HTG), the international energy services group,
today provides a Pre Close Trading Statement ahead of the
announcement of its 2016 Full Year results on Thursday 2 March
2017.
Trading Statement
As noted in our trading update on 27 October 2016, management
believes the 2016 full year outturn remains in line with its
expectations. Management continues to see improving market
indicators within US onshore activities benefiting our Perforating
business particularly in West Texas. Elsewhere within the Group's
operations market conditions, particularly within deepwater and
international drilling activities remain subdued.
Following the Company's equity placing, which completed on
Monday 31 October 2016 with the receipt of net proceeds of US$84m,
the Group's Balance Sheet remains strong with Net Debt at the year
end expected to be broadly neutral. Inventory levels continue to
reduce and remain on track to be around US$260m by the year
end.
2017 Outlook
Looking ahead into 2017, with the benefits of cost cutting
measures implemented over the last two years and the improving
market indicators, management expects EBITDA to move into positive
territory during 2017. However, as has been the case in recent
years the eventual outcome for the 2017 financial year remains
highly dependent on the continued and sustained improvement of both
North American and international markets. While management expects
a year of growth, the scale of that growth remains unclear at
present. Management will look to update the market regularly on
progress made during the course of the financial year.
Dennis Proctor, Hunting's Chief Executive said:
"2016 has been a tough year for the Company. Necessary measures
have been taken to address the cost base and strengthen the
financial position of the Company. Our capability to manufacture
and distribute our range of products from our global footprint is
retained which will allow us to take advantage of the anticipated
market recovery."
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123
Dennis Proctor, Chief
Executive
Peter Rose, Finance Director
Tarryn Riley, Investor
Relations
Buchanan Tel: +44 (0) 20 7466 5000
Richard Darby
Madeleine Seacombe
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, Mexico,
Netherlands, Saudi Arabia, Singapore, South Africa, United Arab
Emirates and the United States of America.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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