12th May 2016 13:44
LONDON (Alliance News) - Hunting PLC on Thursday said the outlook for 2016 remains "very uncertain" and lowered its full-year revenue expectations after a weak first quarter.
The energy services group said the very weak first-quarter performance it announced last month has extended throughout April and May and is now predicted to continue over the next few months.
Following its latest review of the full-year outcome, Hunting said it now expects revenue to decline by between 30% and 40% on the prior year.
In the four months to the end of April, Hunting suffered an underlying earnings before, interest, tax, depreciation and amortisation loss of USD16.2 million, and the company said with current market conditions the outturn for the full year remains very uncertain.
Hunting did say, however, that it expects the trading environment to stabilise in the latter part of 2016.
The group added that it is in discussions with its lenders regarding the amendment of its Ebitda-based bank covenants, and that it is continuing to implement cost saving measures across the group including staff reductions and facility closure plans.
Shares in Hunting were trading down 9.8% at 306.00 pence on Thursday following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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