Hunting plc (LON:HTG) shares fell on Thursday morning, despite the group saying that they were “comfortable” with market expectations for the full year 2018.
The oil and gas supplier reported a mixed performance, with regional trends weighing on results in certain areas. Performance in the US offshore, Asia Pacific and Middle East markets had improved, but there continued to be lower drilling activity in Europe and across Canada.
The group’s US segment of Hunting Titan returned to profitability over the period, reporting a performance ahead of market expectations. However, other businesses in the group’s portfolio reported an operating loss.
Net cash balance stood in excess of $30 million expected at 30 June 2018.
However, Hunting remained cautious going forward and warned on the impact of weak market conditions.
“Given current market conditions, and the outlook for the remainder of the year, management continue to take a cautious view on the rate of recovery in the wider market in H2 2018, but currently remain comfortable with the market consensus for the 2018 full year outturn,’ the company said.
Shares in Hunting plc (LON:HTG) are currently trading down 2.30 percent at 806.00 (1055GMT).
