Home
Investment
News & Views
Company News
news storage
Hunting shrugs off GoM drilling ban
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
Hunting shrugs off GoM drilling ban
Thu, 26 Aug 2010, 12:16:00
International energy services group <b>Hunting </b>is optimistic about its prospects despite the suspension of deep water drilling in the Gulf of Mexico. The company said it still has excellent opportunities for growth as its end-markets start to pick up. A modest improvement in the world economy and a seemingly sustained recovery in oil prices, plus new developments from shale gas, have provided oil and gas operators with the confidence to increase their exploration and production budgets, the company said. The recovery was noticeable in the first half of 2010 where the company increased revenue to £214.2m from £209.0m the year before. Profit from operations before exceptional items was unchanged from last year's first half figure of £22m, but represented an uplift on the £13.8m seen in the second half of last year. Profit before tax from continuing operations eased to £23.2m, excluded exceptional charges of £7.2m, from £25.4m the year before. Exceptional items recorded during the period comprise £2.9m dry hole costs from the group's Exploration and Production segment, a £2.7m oil and gas development expenditure impairment, £1.6m acquisition costs and £3.9m foreign exchange losses arising on Canadian dollar provisions for tax indemnities given in respect of Hunting's former Canadian business, Gibson Energy. The dividend has been increased to 3.7p from last year's interim pay out of 2.5p.
©2004-2009 QCK.com
