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Hunting cuts dividend, swings to operations loss as virus-led writedowns weigh

By BFN News | 08:24 AM | Thursday 27 August, 2020


Energy services group Hunting cut its interim dividend after swinging to an operational loss in the first half of the year on lower revenue and asset writedowns. For the six months to 30 June 2020, the company reported a loss from operations of $183.6m, compared with a $41.1m profit on-year, as revenue fell to $377.7m from $508.9m. 'The impact of COVID-19 and the actions of the OPEC+ group in late Q1 2020 led to the material decline in the global oil price, which has devastated the industry, firstly within the US onshore market, but followed by the weakening of US offshore and international markets,' the company said. 'The asset impairments reported, while significant, reflect similar adjustments reported elsewhere in the energy industry.' A second interim dividend was declared for H1 2020 of 2.0 cents, down from 5.0 cents on-year. Looking ahead, the company said management anticipated an 'improving Q4 2020, subject to the impact of the pandemic remaining materially unchanged from the current position.' At 8:24am: (LON:HTG) Hunting PLC share price was +10.75p at 184.65p Story provided by StockMarketWire.com

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