International energy services provider Hunting plc saw shares rise nearly 4 percent on Monday, after management said it expected to release a strong set of results in March.
The group said in a trading update that revenue for the full year would likely be around the $700 million mark, with “results strongly weighted to the second half of the year.”
EBITDA is likely to be nearer the upper end of market expectations, with the group anticipating a modest pre-tax profit for the full year. US operations are expected to report a loss, however, with their offshore focussed businesses, including the US Manufacturing and Subsea businesses, continuing to face challenging market conditions.
Commenting on today’s trading update, Jim Johnson, Hunting’s Chief Executive, said:
“Hunting Titan’s performance in the year continued to exceed management expectations, and has underpinned the Group’s results in 2017. The Group’s other businesses now operate at close to break-even at the EBITDA level given the cost cutting initiatives and working capital management implemented in the year. As we close 2017, Hunting has retained its operational capabilities and remains well positioned to capitalise on any improvement in global market conditions.”
Shares in Hunting (LON:HTG) are currently up 4.08 percent at 574.00 (0957GMT).
