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29 Oct 2019 | 07:37

Hunting warns on profit as challenging backdrop continues

Energy services group Hunting warned on full-year profit, as challenging market conditions continued to negatively impact performance.

The company said it anticipated a full year earnings (EBITDA) result at the lower end of market expectations, following an ongoing slowdown within US onshore completions, resulting in a net overall decline for the group profit in the third quarter compared to first and second. In the US segment, revenues were generally stable during the quarter resulting from higher offshore and international market demand, the company said. 'Overall the group continues to deliver operating profits, generate cash and exercise ongoing cost discipline. Working capital is controlled and continues to report a modest reduction in inventory levels since year-end,' the company said.

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