Hunting has released a Q1 trading statement in advance of its AGM later today. This reports continued trading weakness across its business, with Q1 2016 revenues down c.50% on Q1 2015. Cost cuts have continued with headcount now down 40% versus the start of 2015, driving c.US$82m of annualised cost savings (compared with the 30% reduction to the end of 2015). Of note in our view is the balance sheet: net debt is now back up to c.US$132m at the end of March from US$110.5m at the end of Decembe
13 Apr 2016
Trading statement
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Trading statement
Hunting PLC (HTG:LON) | 360 18 1.4% | Mkt Cap: 594.2m
- Published:
13 Apr 2016 -
Author:
Daniel Slater, CFA -
Pages:
3
Hunting has released a Q1 trading statement in advance of its AGM later today. This reports continued trading weakness across its business, with Q1 2016 revenues down c.50% on Q1 2015. Cost cuts have continued with headcount now down 40% versus the start of 2015, driving c.US$82m of annualised cost savings (compared with the 30% reduction to the end of 2015). Of note in our view is the balance sheet: net debt is now back up to c.US$132m at the end of March from US$110.5m at the end of Decembe