Shares in energy serviced provider Hunting plc (LON:HTG) rose over 6 percent in early trade on Tuesday, after saying it expected a “modest profit” for the full year.
The company povided a trading update for the July to October period, which saw group revenues strengthen on the back of higher US onshore activity levels. Management said it now expects revenues for the full year to be around the $700 million mark, well above the $455.8 million seen in 2016.
The group’s main businesses are focussed on US onshore drilling, which include Hunting Perforating Systems and Hunting Specialty, alongside its Premium Connections, Trenchless and European OCTG businesses. Both arms of the company have supported the Group’s positive performance during the year, and the company said recent natural disasters in the US and South America have had “little effect” on performance.
Hunting has also returned to a positive earnings before interest, tax, depreciation, and amortisation for the year-to-date,with Ebitda of around $33.0 million for the nine months to September 30.
Hunting plc is an international energy services provider to upstream oil and gas companies listed on the London Stock Exchange, with a corporate office in Houston and headquarters in London. Shares in Hunting plc are currently trading up 6.37 percent at 486.00 (1012GMT).