Hunting PLC half year results
Hunting PLC, the international energy services company, today announces its half year results for the six months ended 30 June 2007
Half year results For the six months ended 30 June 2007
Hunting PLC ('Hunting', the 'Group' or the 'Company'), the international energy services company, today announces its half year results for the six months ended 30 June 2007.
- Revenue of £877.2m (2006: £885.8m) -1%
- Profit from operations before exceptional items of £42.5m (2006: £38.5m) +10%
- Pre-tax profit before exceptional items of £38.9m (2006: £35.3m)+10%
- Basic earnings per share before exceptional items of 18.1p per share (2006: 16.6p)+9%
- Interim dividend of 2.55p per share (2006: 2.3p)+11%
Pre-tax profits reported in US Dollars, as opposed to £-Sterling, showed an increase of 21% over the prior period reflecting Hunting's strong growth and the impact of currency fluctuations on the first half results.
Commenting on the outlook for the Group, Dennis Proctor, Hunting's Chief Executive, said:
'For 2007, the oil and gas industry did not expect as dramatic a growth as experienced in 2005 and 2006 due to labour constraints and project timing. We are pleased with our first half results and improvement should continue for the second half. Weather, currency fluctuations, gas prices, light and heavy crude price differentials and geopolitical dynamics can and will influence future performance. However, the fundamentals of diminishing reserves against growing demand will provide your Company with the opportunity to utilise its excellent and strategically located assets for future benefit.'
For further information please contact:
Hunting PLC Dennis Proctor, Chief Executive Dennis Clark, Finance Director Tel: 020 7321 0123
Hogarth Partnership Limited Andrew Jaques Anthony Arthur Tel: 020 7357 9477
Notes to editors
Hunting PLC is an international oil services company providing support solutions to the world's largest oil and gas companies.