REG - Hunting PLC - AGM and Q1 2016 Trading Update <Origin Href="QuoteRef">HTG.L</Origin>

HuntingAnnouncement

13/04/2016 07:05

RNS Number : 9852U
Hunting PLC
13 April 2016
For Immediate Release
13 April 2016
Hunting PLC
("Hunting" or "the Company" or "the Group")
AGM 
and
Q1 2016 Trading Update
Hunting PLC (LSE:HTG), the international energy services group, which will today be holding its Annual General Meeting commencing at 10.30a.m., issues a Q1 2016 trading update.
As highlighted in the Group's Full Year Results released on 3 March 2016, trading during Q1 2016 across the majority of Hunting's businesses has been weak, with revenue being approximately 50% lower during the quarter compared to Q1 2015. While the price of WTI crude oil has stabilised since the year end at approximately $40 per barrel, the US rig count has declined to below 450 active units, down from over 1,800 units at the start of 2015, reflecting the difficult market environment being experienced by all energy sector companies.
To address this trading environment, Hunting is continuing to reduce its cost base, with the Group's headcount reduction now at 40% since 1 January 2015, providing approximately $82 million in annualised cost savings, together with a sustained programme of decreasing inventories to align to short term demand. 
Cash generation and net debt continue to be closely monitored, with the net debt position at 31 March 2016 being approximately $132 million. All non-essential expenditures have been minimised. 
Although trading visibility remains very weak, Hunting continues to be focused on maintaining its capability to respond to an improvement in the trading environment, utilising its portfolio of high efficiency manufacturing plants, across the globe, led by an experienced management team. 
For further information please contact:
Hunting PLC
Dennis Proctor, Chief Executive
Peter Rose, Finance Director
Tel: +44 (0) 20 7321 0123
Buchanan 
Richard Darby
Madeleine Seacombe
Tel: +44 (0) 20 7466 5000
Notes to Editors:
About HuntingPLC
HuntingPLCis an international energy services provider to the world's leadingupstreamoil 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 inHoustonand is headquartered inLondon. As well as theUnited Kingdom, the Company has principal operations inCanada,China,Indonesia, Mexico, Netherlands, Singapore, Saudi Arabia, South Africa, Thailand, United Arab Emiratesand theUnited States of America.

This information is provided by RNS
The company news service from the London Stock Exchange
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