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Hunting Group sees volatility into Q3 after performance declines across most businesses in Q2

By BFN News | 10:01 AM | Monday 29 June, 2020

Energy services company Hunting Group said it expected volatile conditions to continue into the third quarter after most of its businesses saw a decline in performance in the second quarter following the slump in oil prices in March. If trading for June 2020 performs in line with expectations, the company said it expected underlying earnings (EBITDA) in the year to date in the range of $22m to $23m. The company continued to progress with cost-cutting measures, targeting annualised cost savings of about $60m. 'Our business is likely to continue to see volatile trading throughout Q3 2020, but the group's cost base has now been recalibrated to current market conditions, and the strength of our balance sheet ensures we are well positioned to remain resilient through these challenging market conditions,' Hunting Group said. At 10:01am: (LON:HTG) Hunting PLC share price was -3.7p at 204.3p Story provided by

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