Source - SMW
International energy services group Hunting expects to deliver a modest pre-tax profit for the full year.

The group said  revenues have continued to strengthen, primarily driven by US onshore activity levels. 

It said quarterly revenues had shown sequential growth throughout 2017 and management expectations were now that revenues for the full year were likely to be around the $700 million mark.

It said: 'The recent hurricane activity within the Gulf of Mexico region has had little impact on business operations - unfortunately a number of our employees suffered personally, with water damage to their homes.

'Cash generation continues to be closely monitored, with working capital controls remaining across the Group. 

'Net debt has increased to approximately $15 million, principally as a result of the increase in revenues and the resultant working capital build up. 

'Group-wide capital expenditures continue to be tightly controlled with spend in the year to date being approximately $7 million. By year end the Group is expected to have a positive net cash position.

'In summary, the improved trading seen during the year, particularly in the second half, should see the Group deliver a modest pre-tax profit for the full year - this before charges for intangible asset amortisation and any exceptional items.'  

At 8:49am: (LON:HTG) Hunting PLC share price was +32.8p at 489.5p