LONDON (dpa-AFX) - Hunting Plc. (HTG.L), an energy services group, reported Wednesday that its first-quarter trading was broadly in line with management's expectations. However, the impact of the oil price decline has affected demand within the segments focused on US onshore completions since March end amid the coronavirus pandemic.
Going ahead, the company said its Board has decided to withdraw 2020 full year guidance.
In its trading update, the company said its other segments are likely to see declines towards the end of the second quarter, given that orders are continuing to be completed across all of Hunting's operating regions for a variety of offshore and international projects.
The Balance Sheet remains robust with good liquidity, including undrawn core bank borrowing facilities of $160.0 million committed until 2022, and a net cash position of $22.3 million at 31 March 2020, compared to $123.1 million at 31 December 2019.
Copyright RTT News/dpa-AFX
© 2020 AFX News
