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(Alliance News) - Hunting PLC on Wednesday said it traded broadly in line with management expectations in the first quarter.
The London-headquartered energy services provider said its performance had been helped by oil prices strengthening 29% to USD63 from USD49 per barrel at the start of the year.
Looking ahead, it predicted 2021 to be "a year of improvement for the firm, as stability returns to the global oil & gas market".
Despite the positive outlook, Hunter reported a small loss before interest, tax, depreciation and amortisation, driven by subdued offshore drilling activity and its facilities in US state of Texas being hurt by the unusually cold weather.
Hunter reported a healthy balance sheet with undrawn bank borrowing facilities of USD160.0 million committed until December 2022, and cash of USD96.1 million at March 31, slightly down on the USD101.7 million at 2020 end.
"As anticipated, whilst first quarter trading has remained subdued, our Hunting Titan segment reports quarter-on-quarter revenue growth alongside the stabilisation of revenue within our other operating segments," commented Hunting Chief Executive Jim Johnson.
"Green shoots of growth across most of our product lines are visible and this, combined with evidence that expectations for industry activity and capital spending continue to be upgraded, supports management's view that Hunting is well positioned for a return to growth in 2021."
"Our global footprint and strong balance sheet leave the group well positioned to benefit from the recovery that is expected to continue throughout the balance of the year."
Hunting's annual general meeting will take place on Wednesday afternoon. A final dividend for 2020 of 4.0 cents per share, which will absorb USD6.5 million, is due for payment on May 14.
Shares in Hunting were trading 1.9% lower at 262.00 pence in London on Wednesday.
By Will Paige; willpaige@alliancenews.com
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