HUNTING PLC Financial Summary
Revenue
Underlying EBITDA
Underlying profit from operations
Exceptional impairments to assets charged totalling
Reported loss from operations of
Underlying diluted earnings per share
Reported diluted (loss) earnings per share
Second interim dividend declared for H1 2020 of
Total cash and bank of
Underlying results are non-GAAP measures and are before amortisation of acquired intangible assets and exceptional items. Reported results are based on the statutory results as reported under International Financial Reporting Standards.
EBITDA is a non-GAAP measure. Please refer to pages 32 and 33 of the Half Year 2020 report for further information.
Commenting on the results and outlook,
Further, the strategic actions completed, which includes our offshore-focused acquisitions completed in the last year comprising Enpro Subsea and
Hunting's performance for Q1 2020 was in line with management's expectations. The impact of COVID-19 and the actions of the OPEC+ group in late Q1 2020 led to the material decline in the global oil price, which has devastated the industry, firstly within the US onshore market, but followed by the weakening of US offshore and international markets. The asset impairments reported, while significant, reflect similar adjustments reported elsewhere in the energy industry. We continue to manage those business inputs that are in our control, which include tight controls over our cost-base, cash flows and inventories, all of which continue to move in the right direction.
The outlook for the remainder of the year remains uncertain, as COVID-19 prevention measures continue to change daily. However, enquiry levels have improved with the increasing average oil price and areas of the US onshore market indicate that the mid-point of the year could have been the bottom of the cycle, with cautious steps being taken by our clients to incrementally restart operations. Management anticipates an improving Q4 2020, subject to the impact of the pandemic remaining materially unchanged from the current position.'
Contact:
Tel: +44 (0) 20 7321 0123
About
The Group reports in US dollars across five operating segments: Hunting Titan; US;
(C) 2020 Electronic News Publishing, source
