Hunting PLC, the international energy services group issues a Trading Statement covering the Group's performance since 27 August 2015.
As indicated at the Company's Half Year Results in August 2015, trading during Q3 2015 remained subdued for most businesses across the Group as the global energy industry continued to cancel or defer capital expenditures. Decreases in the price of WTI crude oil during the quarter have led to further caution across the Group's customer base leading to month-on-month trading volatility within each of the Group's businesses. Overall, the Group's profit from continuing operations has declined by 85% in the year to date compared to the comparative period in 2014.
While the Group has reported a quarter-on-quarter reduction in trading, the majority of business units continue to generate free cash flows principally through a reduction in working capital, staffing levels and margin protection. The Group is also delaying certain of its capital investment programmes, including the Singapore Campus project into 2016 and 2017.