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Hunting Group revenues remain steady; on-track to meet expectations

Tuesday, 30th October 2018
Hunting Group said Tuesday third-quarter revenue growth had continued at similar levels to the previous quarter owing to sustained demand for the company's perforating products and accessories, though the company said it continued to expectations a slowdown in North American drilling.

'A seasonal slowdown in North American drilling during November and December remains predicted due to public holidays, along with the potential exhaustion of our clients' drilling and completion budgets, the company said.

US offshore and international markets remained slow amid geopolitical tensions and the lack of confidence in commodity prices following the recent downturn, which continued to weigh on sentiment and capital investment planning, the company said.

In the US segment, revenues and operating profits continued to reflect modest improvement, with most businesses reporting operating profits in the third quarter, the company said.

During the third quarter as anticipated, working capital gad continued to absorb cash in line with activity levels - inventory had increased to approximately $346m, up from $322m seen at the end of June.

Capital investment mainly reflected the manufacturing expansion programmes underway within Hunting Titan with cumulative spend in the nine months through 30 September coming in at $20.4m

'Overall, trading for the full year remains in line with expectations, with Management remaining comfortable with current market consensus,' the company said.

At 8:03am: (LON:HTG) Hunting PLC share price was -33p at 664.5p

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