Continued low demand for oil & gas (O&G) related drilling and electrical equipment has led us to lower our sales and profitability expectations, despite indications that the manufacturing and hire group is seeing some recovery in ‘earlier cycle’ drilling tool hire. However, this is taking longer than expected to feed through to other O&G activities and, despite new initiatives, we now factor in a shallower uplift in revenues, mainly affecting 2018. We retain our Buy st
28 Sep 2017
Slow take-off despite positive early signs
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Slow take-off despite positive early signs
- Published:
28 Sep 2017 -
Author:
Alastair Stewart -
Pages:
10
Continued low demand for oil & gas (O&G) related drilling and electrical equipment has led us to lower our sales and profitability expectations, despite indications that the manufacturing and hire group is seeing some recovery in ‘earlier cycle’ drilling tool hire. However, this is taking longer than expected to feed through to other O&G activities and, despite new initiatives, we now factor in a shallower uplift in revenues, mainly affecting 2018. We retain our Buy st