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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 09-11-09 | RNS |
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RNS Number : 2207C Hunting PLC 09 November 2009 9 November 2009 Hunting PLC Total Voting Rights Voting Rights and Capital Notification in accordance with the Financial Services Authority's (FSA) Disclosure and Transparency Rules Hunting PLC (the 'Company') has one class of share admitted to trading on a regulated market being ordinary shares of 25 pence each. As at the date of this announcement, 132,216,351 ordinary shares of 25p each are in issue, representing a total ordinary share capital of GBP 33,054,087. The voting rights attached to the ordinary shares are on the basis of one vote per share, representing total voting rights of 132,216,351. This figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. A copy of this announcement, together with other information about Hunting PLC may be viewed on the Company's website: www.hunting.plc.uk Peter Rose Company Secretary Tel: 0207 321 0123 This information is provided by RNS The company news service from the London Stock Exchange END
TVRBLBFTMMBMBIL More |
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| 16-10-09 | RNS |
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RNS Number : 9272A Hunting PLC 16 October 2009 Hunting PLC (the "Company") - Additional Listing of Shares A blocklisting application has also been made for 300,000 Ordinary Shares of 25p each to the Official List of the UK Listing Authority and to trading on the London Stock Exchange. The shares will be issued fully paid and will rank pari passu in all respects with the existing issued ordinary shares of the Company. These shares will be issued under rules of the Hunting PLC 2001 unapproved Executive Share Option Plan. This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6016A Hunting PLC 12 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
different from 3.):
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB0004478896 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: PRUDENTIAL PLC (PARENT COMPANY) M&G GROUP LIMITED (WHOLLY OWNED SUBSIDIARY OF PRUDENTIAL PLC) M&G LIMITED (WHOLLY OWNED SUBSIDIARY OF M&G GROUP LIMITED) M&G INVESTMENT MANAGEMENT LIMITED (WHOLLY OWNED SUBSIDIARY OF M&G LIMITED) M&G SECURITIES LIMITED (WHOLLY OWNED SUBSIDIARY OF M&G LIMITED) Proxy Voting:
Notifiable Position Report for HUNTING ORD GBP0.25
as at 06 October 2009
Percentage holdings are calculated using an issued share capital of 132,010,883 ORD GBP0.25 shares
A/CMHF01
A/C MKB01
A/C MKK01
A/C MKM01
A/C PUQ01
NOM(UK) PAC AC
NOM(UK) PPL AC
Limited
A/C MKB01
A/C MKK01
A/C MKM01
A/C PUQ01
(UK) PAC AC
NOMS (UK) PPL AC
MHF01
MKB01
MKK01
MKM01
PUQ01
PAC AC
PPL AC
A/C MHF01
A/C MKB01
A/C MKK01
A/C MHM01
Company Limited
PAC AC
PPL AC
This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6015A Hunting PLC 12 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation:
different from 3.):
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
ORD GBP
GB0004478896 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
13,333,194 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Prudential plc (parent Company) M&G Group Limited (wholly owned subsidiary of Prudential plc) M&G Limited (wholly owned subsidiary of M&G Group Limited) M&G Investment Management Limited (wholly owned subsidiary of M&G Limited)M&G Securities Limited (wholly owned subsidiary of M&G Limited) Proxy Voting:
11. Number of voting rights proxy holder will cease to hold: N/A 12. Date on which proxy holder will cease to hold voting rights: N/A
Notifiable Position Report for HUNTING ORD GBP0.25
as at 02 October 2009
Percentage holdings are calculated using an issued share capital of 132,010,883 ORD GBP0.30 shares
LTD A/C MHFO1
LTD A/C MKB01
LTD A/C MKK01
LTD A/C MKM01
A/C PUQ01
NOM(UK) PAC AC
NOM(UK) PPL AC
M&G Investment Management
Limited
M&G Securities Limited
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-10-09 | AFX UK Focus |
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The Times
LOVELLS IN MERGER TALKS WITH LEADING US LEGAL FIRM Lovells is in merger talks with Hogan & Hartson, a leading American group, in what would be the biggest tie-up in the legal sector in years. A deal would create a law firm with 1.8 billion dollars in revenue and 2,500 lawyers and would see it become the world's ninth largest law firm, just behind Allen & Overy. Other mergers are expected as the legal market begins to consolidate. Law firm mergers are difficult, however, especially if they occur between firms on different sides of the Atlantic.
BRITANNIA DEALS BLOW TO FIRST-TIME HOUSEBUYERS Britannia will no longer offer home loans to borrowers with a ten per cent deposit, the mortgages popular among first-time buyers, leaving only a handful of lenders still willing to offer such loans. Over the past three months Britannia has offered one out of every ten mortgages requiring a ten per cent deposit, lending 300 million pounds to almost a thousand first-time buyers. Mortgage brokers have lamented the failure of banks to reduce rates for struggling first-time buyers and it is feared that less competition could push up borrowing costs further.
CARLUCCIO'S HAS PLANS TO SERVE UP MORE OUTLETS THROUGHOUT
THE UK AND IN DUBAI Carluccio's is looking for its first sites in Scotland as it seeks to become a nationwide chain. The quoted operator of Italian restaurants with their own in-store delicatessen issued a bullish trading update on Thursday, reporting an eight per cent rise in turnover in the year to September 28 despite a "challenging year for the economy as a whole". As well as expanding in the UK, where Carluccio's opens about five stores a year, it has two overseas franchises.
TEMPUS Cable & Wireless (Hold) Rank Group (Solid hold)
Hunting (Buy)
RELAX, YOUR SHARES ARE SUSPENDED The debt management company Relax Group has asked for trading in its shares to be suspended whilst it attempts to seek further equity funding to pay off its debts. The company now owes creditors 4.1 million pounds and its interim results show that it has made a loss of 2.5 million pounds. Relax describes itself as a "leading provider of consumer debt-related solutions" but, to the amusement of many, now faces an uncertain future due to its own faulty debt management.
HEDGE FUND STAFF SHARE 30 MILLION POUND PAYOUT Thirty-three senior employees of the hedge fund NewSmith Capital Partners were paid a combined total of 29.4 million pounds last year. Despite difficulties resulting in the value of NewSmith's listed and private equity investments falling by seven million pounds, most of its five funds turned a profit over the last 12 months. "Given what happened last year, I felt the performance held up well" remarked Michael Marks, co-founder of the hedge fund.
JJB TO TAP INVESTORS FOR UP TO 70 MILLION POUNDS The beleaguered sportswear retailer JJB Sports is set to launch a rights issue of up to 70 million pounds. Analysts previously expected the cash call to aim at raising 50 million pounds but it is thought that the company decided on the higher figure after a positive response from shareholders. The shares are likely to be offered at a steep discount with JJB wishing to pay off as much debt as possible in light of falling sales at the group.
QUESTOR Ladbrokes ("Take up your rights")
Hochschild (Buy)
STAYCATIONS DRIVE CYCLE SALES AT RETAILER HALFORDS Bicycle retailer Halfords expects pre-tax profits to strengthen by a fifth this year to around 60 million pounds due to a rise in the sales of bike and car accessories. The trend is closely linked to an increase in the number of Britons who chose to holiday at home rather than abroad. Chief executive David Wild cited particularly strong sales of bikes developed by Olympic champion Chris Boardman, while products such as car roof boxes and tents also sold well. Total half-year sales were up 2.8 per cent when adjusted for the impact of Easter. Like-for-like sales rose 1.1 per cent.
LLOYDS STILL SHORT OF OFFICIAL APPROVAL FOR GIANT CASH CALL Lloyds Banking Group has yet to secure the support of the UK Government or Financial Services Authority for its planned 15 billion pound rights issue. It is believed that the FSA will allow no "wiggle room" on its requirement that a bank should hold tier one capital of four per cent in a stressed situation. Lloyds may seek to bolster this safety net through asset disposals with Scottish Widows seen as a likely candidate for a sale. Lloyds hopes that a capital raising would help the bank avoid involvement in the Government's asset protection scheme. SEYMOUR PIERCE FINED AFTER EMPLOYEE STOLE 154,000 POUNDS Stockbroker Seymour Pierce was fined 154,000 pounds on Thursday after the Financial Services Authority ruled that weak controls had allowed the theft of around 150,000 pounds by a Seymour Pierce employee to go "completely undetected". The money was stolen from internal and private client accounts in 36 separate transactions over a three-year period. The fine levied by the FSA was reduced from 220,000 pounds because Seymour Pierce co-operated with the investigation.
INVESTMENT COLUMN Ted Baker C&C Group
Carluccio's
PUNTERS ONE, LADBROKES NIL AFTER START OF SEASON SEES PROFIT FALL In a profit warning statement to investors, Ladbrokes reported that the amount of money taken in its betting shops, excluding touch screen roulette machines, has fallen by 22 per cent for the three months to September 30. The bookmaker also announced a suspension of dividend payments, a group-wide pay freeze and confirmed a plan to raise 275 million pounds through the issue of 300 million new shares. The shares will be offered to existing investors at 95 pence per share, a 48 per cent discount on Wednesday's closing price. Proceeds from the rights issue will be used to reduce the company's net debt which reached 962 million pounds at the end of June this year.
DEFECTIONS FROM BRITISH LAND SIGNAL RETURN OF PROPERTY
MOGULS According to analysts the upcoming departure of Andrew Jones, a main board director at British Land, and that of two of his senior colleagues, Valentine Beresford and Mark Stirling, to start a new venture along with a wave of recent senior defectors from the property company is a sign that a new generation of property moguls is about to be created. According to analyst suggestions, Jones and his colleagues have been frustrated at the company's inability to raise sufficient funds to take advantage of falling property prices and rebuild property portfolios.
BA UNDER INVESTIGATION IN US OVER 40 DOLLAR PASSAGE TO INDIA The US Department of Transportation's consumer protection division is investigating an error by British Airways which allowed thousands of passengers to book airline tickets between US cities and the Indian subcontinent for a fare of just 40 dollars. The department is investigating complaints after BA said that it will not honour the tickets and is cancelling all affected bookings. A spokeswoman for the airline said: "This was an error in the system and we're investigating how the error occurred". Charlie Leocha, director of the Consumer Travel Alliance said that airlines usually exhibit no sympathy when mistakes occur the other way round. "They will hold our feet for even the tiniest of mistakes, even if passengers call immediately" she said.
Prepared for Reuters by Durrants
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 09-10-09 | AFX UK Focus |
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The Times
LOVELLS IN MERGER TALKS WITH LEADING US LEGAL FIRM Lovells is in merger talks with Hogan & Hartson, a leading American group, in what would be the biggest tie-up in the legal sector in years. A deal would create a law firm with 1.8 billion dollars in revenue and 2,500 lawyers and would see it become the world's ninth largest law firm, just behind Allen & Overy. Other mergers are expected as the legal market begins to consolidate. Law firm mergers are difficult, however, especially if they occur between firms on different sides of the Atlantic.
BRITANNIA DEALS BLOW TO FIRST-TIME HOUSEBUYERS Britannia will no longer offer home loans to borrowers with a ten per cent deposit, the mortgages popular among first-time buyers, leaving only a handful of lenders still willing to offer such loans. Over the past three months Britannia has offered one out of every ten mortgages requiring a ten per cent deposit, lending 300 million pounds to almost a thousand first-time buyers. Mortgage brokers have lamented the failure of banks to reduce rates for struggling first-time buyers and it is feared that less competition could push up borrowing costs further.
CARLUCCIO'S HAS PLANS TO SERVE UP MORE OUTLETS THROUGHOUT
THE UK AND IN DUBAI Carluccio's is looking for its first sites in Scotland as it seeks to become a nationwide chain. The quoted operator of Italian restaurants with their own in-store delicatessen issued a bullish trading update on Thursday, reporting an eight per cent rise in turnover in the year to September 28 despite a "challenging year for the economy as a whole". As well as expanding in the UK, where Carluccio's opens about five stores a year, it has two overseas franchises.
TEMPUS Cable & Wireless (Hold) Rank Group (Solid hold)
Hunting (Buy)
RELAX, YOUR SHARES ARE SUSPENDED The debt management company Relax Group has asked for trading in its shares to be suspended whilst it attempts to seek further equity funding to pay off its debts. The company now owes creditors 4.1 million pounds and its interim results show that it has made a loss of 2.5 million pounds. Relax describes itself as a "leading provider of consumer debt-related solutions" but, to the amusement of many, now faces an uncertain future due to its own faulty debt management.
HEDGE FUND STAFF SHARE 30 MILLION POUND PAYOUT Thirty-three senior employees of the hedge fund NewSmith Capital Partners were paid a combined total of 29.4 million pounds last year. Despite difficulties resulting in the value of NewSmith's listed and private equity investments falling by seven million pounds, most of its five funds turned a profit over the last 12 months. "Given what happened last year, I felt the performance held up well" remarked Michael Marks, co-founder of the hedge fund.
JJB TO TAP INVESTORS FOR UP TO 70 MILLION POUNDS The beleaguered sportswear retailer JJB Sports is set to launch a rights issue of up to 70 million pounds. Analysts previously expected the cash call to aim at raising 50 million pounds but it is thought that the company decided on the higher figure after a positive response from shareholders. The shares are likely to be offered at a steep discount with JJB wishing to pay off as much debt as possible in light of falling sales at the group.
QUESTOR Ladbrokes ("Take up your rights")
Hochschild (Buy)
STAYCATIONS DRIVE CYCLE SALES AT RETAILER HALFORDS Bicycle retailer Halfords expects pre-tax profits to strengthen by a fifth this year to around 60 million pounds due to a rise in the sales of bike and car accessories. The trend is closely linked to an increase in the number of Britons who chose to holiday at home rather than abroad. Chief executive David Wild cited particularly strong sales of bikes developed by Olympic champion Chris Boardman, while products such as car roof boxes and tents also sold well. Total half-year sales were up 2.8 per cent when adjusted for the impact of Easter. Like-for-like sales rose 1.1 per cent.
LLOYDS STILL SHORT OF OFFICIAL APPROVAL FOR GIANT CASH CALL Lloyds Banking Group has yet to secure the support of the UK Government or Financial Services Authority for its planned 15 billion pound rights issue. It is believed that the FSA will allow no "wiggle room" on its requirement that a bank should hold tier one capital of four per cent in a stressed situation. Lloyds may seek to bolster this safety net through asset disposals with Scottish Widows seen as a likely candidate for a sale. Lloyds hopes that a capital raising would help the bank avoid involvement in the Government's asset protection scheme. SEYMOUR PIERCE FINED AFTER EMPLOYEE STOLE 154,000 POUNDS Stockbroker Seymour Pierce was fined 154,000 pounds on Thursday after the Financial Services Authority ruled that weak controls had allowed the theft of around 150,000 pounds by a Seymour Pierce employee to go "completely undetected". The money was stolen from internal and private client accounts in 36 separate transactions over a three-year period. The fine levied by the FSA was reduced from 220,000 pounds because Seymour Pierce co-operated with the investigation.
INVESTMENT COLUMN Ted Baker C&C Group Carluccio's COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 09-10-09 | AFX UK Focus |
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|
The Times
LOVELLS IN MERGER TALKS WITH LEADING US LEGAL FIRM Lovells is in merger talks with Hogan & Hartson, a leading American group, in what would be the biggest tie-up in the legal sector in years. A deal would create a law firm with 1.8 billion dollars in revenue and 2,500 lawyers and would see it become the world's ninth largest law firm, just behind Allen & Overy. Other mergers are expected as the legal market begins to consolidate. Law firm mergers are difficult, however, especially if they occur between firms on different sides of the Atlantic.
BRITANNIA DEALS BLOW TO FIRST-TIME HOUSEBUYERS Britannia will no longer offer home loans to borrowers with a ten per cent deposit, the mortgages popular among first-time buyers, leaving only a handful of lenders still willing to offer such loans. Over the past three months Britannia has offered one out of every ten mortgages requiring a ten per cent deposit, lending 300 million pounds to almost a thousand first-time buyers. Mortgage brokers have lamented the failure of banks to reduce rates for struggling first-time buyers and it is feared that less competition could push up borrowing costs further.
CARLUCCIO'S HAS PLANS TO SERVE UP MORE OUTLETS THROUGHOUT
THE UK AND IN DUBAI Carluccio's is looking for its first sites in Scotland as it seeks to become a nationwide chain. The quoted operator of Italian restaurants with their own in-store delicatessen issued a bullish trading update on Thursday, reporting an eight per cent rise in turnover in the year to September 28 despite a "challenging year for the economy as a whole". As well as expanding in the UK, where Carluccio's opens about five stores a year, it has two overseas franchises.
TEMPUS Cable & Wireless (Hold) Rank Group (Solid hold)
Hunting (Buy)
RELAX, YOUR SHARES ARE SUSPENDED The debt management company Relax Group has asked for trading in its shares to be suspended whilst it attempts to seek further equity funding to pay off its debts. The company now owes creditors 4.1 million pounds and its interim results show that it has made a loss of 2.5 million pounds. Relax describes itself as a "leading provider of consumer debt-related solutions" but, to the amusement of many, now faces an uncertain future due to its own faulty debt management.
HEDGE FUND STAFF SHARE 30 MILLION POUND PAYOUT Thirty-three senior employees of the hedge fund NewSmith Capital Partners were paid a combined total of 29.4 million pounds last year. Despite difficulties resulting in the value of NewSmith's listed and private equity investments falling by seven million pounds, most of its five funds turned a profit over the last 12 months. "Given what happened last year, I felt the performance held up well" remarked Michael Marks, co-founder of the hedge fund.
JJB TO TAP INVESTORS FOR UP TO 70 MILLION POUNDS The beleaguered sportswear retailer JJB Sports is set to launch a rights issue of up to 70 million pounds. Analysts previously expected the cash call to aim at raising 50 million pounds but it is thought that the company decided on the higher figure after a positive response from shareholders. The shares are likely to be offered at a steep discount with JJB wishing to pay off as much debt as possible in light of falling sales at the group.
QUESTOR Ladbrokes ("Take up your rights") Hochschild (Buy) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 09-10-09 | AFX UK Focus |
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The Times
LOVELLS IN MERGER TALKS WITH LEADING US LEGAL FIRM Lovells is in merger talks with Hogan & Hartson, a leading American group, in what would be the biggest tie-up in the legal sector in years. A deal would create a law firm with 1.8 billion dollars in revenue and 2,500 lawyers and would see it become the world's ninth largest law firm, just behind Allen & Overy. Other mergers are expected as the legal market begins to consolidate. Law firm mergers are difficult, however, especially if they occur between firms on different sides of the Atlantic.
BRITANNIA DEALS BLOW TO FIRST-TIME HOUSEBUYERS Britannia will no longer offer home loans to borrowers with a ten per cent deposit, the mortgages popular among first-time buyers, leaving only a handful of lenders still willing to offer such loans. Over the past three months Britannia has offered one out of every ten mortgages requiring a ten per cent deposit, lending 300 million pounds to almost a thousand first-time buyers. Mortgage brokers have lamented the failure of banks to reduce rates for struggling first-time buyers and it is feared that less competition could push up borrowing costs further.
CARLUCCIO'S HAS PLANS TO SERVE UP MORE OUTLETS THROUGHOUT
THE UK AND IN DUBAI Carluccio's is looking for its first sites in Scotland as it seeks to become a nationwide chain. The quoted operator of Italian restaurants with their own in-store delicatessen issued a bullish trading update on Thursday, reporting an eight per cent rise in turnover in the year to September 28 despite a "challenging year for the economy as a whole". As well as expanding in the UK, where Carluccio's opens about five stores a year, it has two overseas franchises.
TEMPUS Cable & Wireless (Hold) Rank Group (Solid hold) Hunting (Buy) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 08-10-09 | AFX UK Focus |
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LONDON, Oct 8 (Reuters) - Hunting Plc:
results by lower commodity prices, shipping rates
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 08-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4202A
Hunting PLC
08 October 2009
For Immediate Release 8 October 2009
Hunting PLC
("Hunting" or "the Company" or "the Group")
Trading update
and
Interim Management Statement
Hunting PLC (LSE: HTG), the international energy services company, today announces its Interim Management Statement for the period 1 July 2009 to 8 October 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules.
Trading update
Hunting Energy Services began the period with lower levels of activity. However, as the period progressed, order books have improved.
Within Well Completion, our Asian facilities continue to have the strongest results within the Group with the expectation that those facilities will continue to perform well during the remainder of the year. North Sea facilities are performing above expectations, but the final quarter of the year may see some weaknesses due to customer delays.
In Well Construction, the US and Canadian gas markets remain challenging, impacting results for mud motors, tubulars and trenchless drilling.
The Exploration and Production division and Gibson Shipbrokers are also affected by lower commodity prices and shipping rates.
Management is pleased with the performance of Well Intervention including the first three months of earnings from the recently acquired National Coupling Company.
There has been no significant change in the financial position of the Group since the publication of the results for the six months ended 30 June 2009.
Overall trading remains in line with the Board's expectations. We continue to seek and review opportunities for expansion within existing facilities, geographies and to build on current platforms through acquisition. As the global economies recover, our assets are uniquely positioned and combined with a strong balance sheet should maximise future earnings.
For further information please visit www.hunting.plc.uk or contact:
Hunting PLC
Dennis Proctor, Chief Executive Tel: +1 713 595 2950
Peter Rose, Finance Director Tel: +44 (0) 20 7321 0123
Buchanan Communications Tel: +44 (0) 20 7466 5000
Ben Willey
Richard Darby
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 02-10-09 | RNS |
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RNS Number : 1819A Hunting PLC 02 October 2009
Hunting PLC ("Hunting" or "the Company") Director Declaration Hunting PLC today announces that John Nicholas, Non-Executive Director of Hunting, has been appointed as a non-executive director of Mondi plc, with immediate effect. This disclosure is made pursuant to paragraph 9.6.14R of the Listing Rules. For further information please contact:
Richard Hunting, Chairman Dennis Proctor, Chief Executive
Ben Willey Richard Darby Notes to Editors: About Hunting PLC Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America. This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-10-09 | PRN |
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Mondi Limited (Incorporated in the Republic of South Africa) (Registration number: 1967/013038/06) JSE share code: MND ISIN: ZAE000097051 Mondi plc (Incorporated in England and Wales) (Registration number: 6209386) JSE share code: MNP ISIN: GB00B1CRLC47 LSE share code: MNDI As part of the dual listed company structure, Mondi Limited and Mondi plc (together "Mondi Group") notify both the JSE Limited and the London Stock Exchange of matters required to be disclosed under the JSE listings requirements and/or the Disclosure and Transparency and Listing Rules of the United Kingdom Listing Authority. 2 October 2009
APPOINTMENT OF NON-EXECUTIVE DIRECTOR Mondi Limited and Mondi plc are pleased to announce the appointment of John Nicholas as a non-executive director with effect from 2 October 2009. John Nicholas is a Fellow of the Association of Chartered Certified Accountants. He is currently a non-executive director of Ceres Power Holdings plc, Rotork p.l.c. and Hunting PLC and a member of the UK Financial Reporting Review Panel. He was formerly the Group Finance Director at Tate & Lyle plc and prior to that was Group Finance Director at Kidde plc. With immediate effect he will be appointed as chairman of the DLC Audit Committee and a member of the DLC Nominations Committee. David Williams, Joint Chairman, commented: `The Mondi Group boards are delighted that John will be joining us. He brings a strong financial background and wealth of commercial business experience to the Mondi Group. His knowledge of long cycle industries and of doing business in emerging markets will be of particular benefit to Mondi.' There are no other details that require to be disclosed in respect of the appointment of John Nicholas pursuant to Rule 9.6.13 of the UK Listing Rules. Contact details: Mondi Group David Hathorn Tel: +27 11 994 5417 Chief Executive Officer Lora Rossler Tel: +27 31 451 2111 Corporate Affairs Manager About Mondi Group Mondi is an international paper and packaging group and in 2008 had revenues of Euro6.3 billion. Its key operations and interests are in Western Europe, emerging Europe, Russia and South Africa. The Group is principally involved in the manufacture of packaging paper and converted packaging products; uncoated fine paper; and speciality products and processes, including coatings and consumer flexibles. Mondi is fully integrated across the paper and packaging process, the growing of wood and manufacture of pulp (including recycled materials) and paper to the converting of packaging papers into corrugated packaging and industrial bags. Mondi has production operations across 35 countries and had an average of 33,400 employees in 2008. www.mondigroup.com
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9911Z Hunting PLC 30 September 2009 BLOCK LISTING SIX MONTHLY RETURN Information provided on this form must be typed or printed electronically and provided to an ris. Date: 30 September 2009 Name of applicant: Hunting PLC Name of scheme: Hunting Long Term Incentive Plan Period of return: From: 07.03.09 To: 06.09.09 Balance of unallotted securities under scheme(s) from previous return: 475,255 Plus: The amount by which the block scheme(s) has been increased since N/A the date of the last return (if any increase has been applied for): Less: Number of securities issued/allotted under scheme(s) during period Nil (see LR3.5.7G): Equals: Balance under scheme(s) not yet issued/allotted at end of period: 475,255 Name of contact: Banu Davies Telephone number of contact: 020 7321 0123 This information is provided by RNS The company news service from the London Stock Exchange END BLRWUUUABUPBGCU More |
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9900Z
Hunting PLC
30 September 2009
BLOCK LISTING SIX MONTHLY RETURN
Information provided on this form must be typed or printed electronically and provided to an ris.
Date: 30 September 2009
Name of applicant: Hunting PLC
Name of scheme: Hunting 2001 Approved and Unapproved Executive Share Option
Plans
Period of return: From: 04.03.09 To: 03.09.09
Balance of unallotted securities under scheme(s) 537,494
from previous return:
Plus: The amount by which the block scheme(s) has N/A
been increased since the date of the last return (if
any increase has been applied for):
Less: Number of securities issued/allotted under 43,178
scheme(s) during period (see LR3.5.7G):
Equals: Balance under scheme(s) not yet 494,316
issued/allotted at end of period:
Name of contact: Banu Davies
Telephone number of contact: 020 7321 0123
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 21-09-09 | RNS |
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RNS Number : 4197Z Hunting PLC 21 September 2009 Hunting PLC ("Hunting" or the "Company") John Hofmeister, a non executive director of Hunting, has notified the Company that he has purchased 5,000 Ordinary 25p Shares at a price of 546p per share. The purchase took place on 18 September 2009. As a result of this acquisition, Mr Hofmeister now holds 5,000 shares or 0.0037% of the issued share capital of the Company. This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 5046Y Hunting PLC 03 September 2009 3 September 2009 Hunting PLC Total Voting Rights Voting Rights and Capital Notification in accordance with the Financial Services Authority's (FSA) Disclosure and Transparency Rules Hunting PLC (the 'Company') has one class of share admitted to trading on a regulated market being ordinary shares of 25 pence each. As at the date of this announcement, 132,010,883 ordinary shares of 25p each are in issue, representing a total ordinary share capital of GBP 33,002,721. The voting rights attached to the ordinary shares are on the basis of one vote per share, representing total voting rights of 132,010,883. This figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. A copy of this announcement, together with other information about Hunting PLC may be viewed on the Company's website: www.hunting.plc.uk Peter Rose Company Secretary Tel: 0207 321 0123 This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | AFX UK Focus |
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Results diary
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Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net
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Brewin Dolphin, which has China Goldmines rating and price target under review, says: "CGM state that security and other local issues have made progress under current mining conditions impossible. The company has considered alternative solutions ... but feel the proposed solution is most appropriate."
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"Markets look to have stabilised despite overall conditions remaining challenging, though good market positions should result in Filtrona remaining relatively well positioned regardless," Panmure Gordon analyst Paul Jones says.
Reuters messaging rm://purwa.naveen.reuters.com@reuters.net
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Reuters Messaging rm://david.brett.reuters.com@reuters.net
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MWB Group Holdings gains 4.3 percent after the British hotels-to-retail conglomerate reports stable revenues for the first-half 2009, despite tougher market conditions, and offers a bullish outlook on the company's prospects, as pretax losses narrow to 5.1 million pounds from 5.4 million pounds.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
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Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net
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Reuters Messaging: RM://david.jones.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ =2 COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 27-08-09 | AFX UK Focus |
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Results diary
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Reuters messaging rm://shivani.singh.thomsonreuters.com@reuters.net
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Brewin Dolphin, which has China Goldmines rating and price target under review, says: "CGM state that security and other local issues have made progress under current mining conditions impossible. The company has considered alternative solutions ... but feel the proposed solution is most appropriate."
Reuters Messaging rm://david.brett.reuters.com@reuters.net
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Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
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Reuters Messaging rm://harpreet.bhal.reuters.com@reuters.net
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Reuters Messaging rm://david.brett.reuters.com@reuters.net
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Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 27-08-09 | RNS |
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RNS Number : 0709Y Hunting PLC 27 August 2009
Hunting PLC ("Hunting" or "the Company") Appointment of Non Executive Directors Hunting appoints John Nicholas and John Hofmeister as new Non Executive Directors Hunting PLC the international energy services company is pleased to announce the appointment on Wednesday 26 August, 2009 of John Nicholas and John Hofmeister as Non Executive Directors. John Nicholas, aged 53, is a British citizen and Fellow of the Association of Chartered Certified Accountants. He is currently a non executive director of Ceres Power Holdings plc and Rotork PLC and a member of the Financial Reporting Review Panel. He was formerly the Group Finance Director at Tate & Lyle plc and prior to that Group Finance Director at Kidde plc. John Hofmeister, aged 61, is a US citizen resident in Houston, Texas. He is the founder and chief executive officer of the Washington D.C. registered not-for-profit Citizens for Affordable Energy, Inc. He is the former President of Shell Oil Company US and a former Group Director of Royal Dutch Shell PLC in The Hague, Netherlands. Both Directors will join the Audit, Remuneration and Nomination Committees with immediate effect. Hector McFadyen who has been an Independent Non Executive Director since 2002 will retire from the board on 3 September 2009. The Board thank Hector for his valuable contribution and wish him well for the future. There are no other details that require to be disclosed in respect of those directorate changes pursuant to Rule 9.6.13 of the Listing Rules. For further information please contact:
Richard Hunting, Chairman Dennis Proctor, Chief Executive
Ben Willey Richard Darby Notes to Editors: About Hunting PLC Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America. This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 0762Y
Hunting PLC
27 August 2009
For Immediate Release 27 August 2009
Hunting PLC
("Hunting" or the "Company")
Half Year Results
Hunting PLC (LSE:HTG), the international energy services company today announces its Half Year Results for the six months ended 30 June 2009.
Financial Highlights*
· Revenue from continuing operations increased to £219.8m (2008: +9%
£201.2m)
· Profit from continuing operations decreased to £23.0m (2008: -4%
£24.0m)
· Profit before tax from continuing operations increased to +24%
£26.5m (2008: £21.4m)
· Basic earnings per share from continuing operations 12.3p +27%
(2008: 9.7p)
· Interim dividend of 3.5p (2008: 2.9p) +21%
· Net cash inflow from operating activities £36.2m (2008: £15.4m)
· Net cash of £387.6m
* all figures stated before exceptional items and for continuing operations only
Corporate Highlights
· Two acquisitions completed:
o National Coupling Company for a consideration of US$53.8m in June 2009
o PT SMB Industri for a consideration of US$10.7m in July 2009
· Appointment of John Nicholas and John Hofmeister as non-executive directors.
Operational Highlights
· Revenue in Well Construction decreased by 1% to £48.9m (2008: £49.5m)
o Profit from operations of £3.5m (2008: £5.8m)
· Revenue in Well Completion increased by 17% to £105.2m (2008: £89.6m)
o Profit from operations of £12.9m (2008: £11.8m)
· Revenue in Well Intervention increased by 10% to £12.3m (2008: £11.2m)
o Profit from operations of £1.8m (2008: £1.9m)
· Exploration and Production breakeven in the period (2008: profit £3.0m)
· Hunting Energy France profit from operations increased to £0.9m (2008: £0.8m)
· Gibson Shipbrokers profit from operations of £0.3m (2008: £1.6m)
· Field Aviation profit from operations of £3.6m (2008: loss £0.9m)
Commenting on the results, Dennis Proctor Chief Executive of Hunting PLC said:
"Despite the continuing uncertainty in the economic environment, Hunting remains well positioned for the inevitable global recovery, with a diversified product offering and geographic revenue mix. We have successfully executed two acquisitions which are already contributing to our results.
"With an extremely robust balance sheet we continue to evaluate further acquisition opportunities, whilst also focusing on costs and production efficiencies. These combined efforts provide us with a confident long term outlook, which is reflected in our significantly increased interim dividend."
For further information please contact:
Hunting PLC Tel: 020 7321 0123
Dennis Proctor, Chief Executive
Peter Rose, Finance Director
Buchanan Communications Tel: 020 7466 5000
Ben Willey
Richard Darby
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.
Half Year Management Report
Hunting PLC, the international energy services company, announces its half year results for the six months ended 30 June 2009.
Introduction
Despite the global recession and the significant decline in energy commodity prices, the Company grew revenues by close to 10% and reports a 24% increase in profit before tax from continuing operations against the same period in 2008. In line with our strategy to make earnings enhancing acquisitions, we have completed two acquisitions. Houston, Texas based National Coupling Company ("NCC"), a leading supplier of proprietary couplings, valves and chemical injection systems for deep water applications, was acquired in June 2009 for US$53.8m. PT SMB, a premium threading facility in Batam, Indonesia, was purchased in July 2009 for US$10.7m and added much needed capacity for the Company's Middle East and Asian operations.
Financial Summary
Revenue from continuing operations for the half year to 30 June 2009 increased to £219.8m from £201.2m reported for the 2008 comparative period. Profit from continuing operations was £23.0m (2008 - £24.0m) with profit before tax from continuing operations increasing by 24% to £26.5m from £21.4m reported in 2008. Net interest switched from a charge in 2008 of £2.9m to income of £3.3m in 2009 reflecting the receipt of Gibson Energy proceeds received in December 2008.
Additional proceeds of £17.6m were received in April 2009 from the sale of Gibson Energy and the gain on recognition of these has been offset by an increase in related provisions of £16.0m for indemnities, warranties and corporation tax.
Profit after tax from continuing operations was £18.0m (2008 - £14.2m) after a tax charge of £8.5m (2008 - £7.2m), reflecting an effective tax rate of 32% (2008 - 33%).
Average exchange rates used to translate US and Canadian results into £-Sterling were US$1.49 (2008 - US$1.98) and Can$1.80 (2008 - Can$1.99).
Capital expenditure reduced to £11.0m in the period (2008 - £15.8m) of which £5.8m (2008 - £11.3m) was replacement expenditure and £5.2m (2008 - £4.5m) was new business expenditure. Replacement expenditure includes £0.3m (2008 - £5.4m) capital expenditure by our Exploration and Production division.
Net cash at 30 June 2009 was £387.6m (2008 - net debt £139.7m).
Basic earnings per share from continuing operations increased by 27% to 12.3p (2008 - 9.7p).
A dividend for the half year of 3.5p per share (2008 - 2.9p) will be paid on 20 November 2009 to shareholders on the register at the close of business on 30 October 2009.
The Group has changed its accounting policy from carrying property at valuation to carrying these at cost. This change in policy follows the disposal of Gibson Energy and with it the majority of the Group's freehold properties. The impact on the Group's continuing operations is not material and is explained in more detail within note 1. Prior period figures have been restated to reflect this change in policy.
Operational Review
Overall trading from our core Hunting Energy Services activities was satisfactory given current market conditions. Results have benefited from favourable exchange rates, however, trading margins have declined due to pricing pressures and reduced activity levels. Well Intervention operations are disclosed separately for the first time as this reflects a growing division of strategic importance.
Well Construction profit from operations decreased by 40% to £3.5m (2008 - £5.8m) as the rapid 56% decline in rig activity adversely affected trading particularly in the North American gas market.
Half Year Management Report (continued)
Well Completion reported a 9% increase in profit from operations to £12.9m (2008 - £11.8m) benefiting from higher profits in the Middle East and Asian regions.
Well Intervention, which includes the results of newly acquired National Coupling Company, reported profit from operations of £1.8m (2008 - £1.9m). This higher margin division remains a focus for our expansion programme.
Exploration and Production reported breakeven results for the period (2008 - profit from operations £3.0m) due to low production and activity levels, coupled with lower commodity prices. The division drilled one well in the period, which was not commercially viable, resulting in costs being written off in the period of £0.2m.
Hunting Energy France reported an increase in profit from operations to £0.9m (2008 - £0.8m).
Gibson Shipbrokers profit from operations decreased to £0.3m (2008 - £1.6m) as shipping rates and activity levels declined.
Field Aviation reported excellent profit from operations of £3.6m compared to a loss of £0.9m in 2008. A strong backlog and a more focused business following closures at Field Aviation's Calgary operations in 2008 contributed to this trading result.
Board Changes
We are pleased to announce the appointment on Wednesday 26 August 2009 of two independent non-executive directors to the Board.
John Nicholas aged 53 is a British citizen and Fellow of the Association of Chartered Certified Accountants. He is currently a non-executive director of Ceres Power Holdings plc and Rotork PLC and a member of the Financial Reporting Review Panel. He was formerly the Group Finance Director at Tate & Lyle plc and prior to that Group Finance Director of Kidde plc.
John Hofmeister aged 61 is a US citizen resident in Houston, Texas. He is the founder and chief executive officer of the Washington D.C. registered not-for-profit Citizens for Affordable Energy Inc. He is the former President of Shell Oil Company US and a former Group Director of Royal Dutch Shell PLC in The Hague, Netherlands.
Both directors also join the Audit, Remuneration and Nomination Committees of the Board with immediate effect.
Hector McFadyen, who has been an independent non-executive director since 2002, will retire from the Board on 3 September 2009. The Board thank Hector for his valuable contribution and wish him well for the future.
There are no other details that require disclosure in respect of these directorate changes pursuant to Rule 9.6.13 of the Listing Rules.
Principal Risks and Uncertainties Facing the Business
The principal risks and uncertainties facing the business, which could have a material adverse impact on the Group, include commodity prices, effective control over subsidiaries, global recession, loss of key executives, health, safety and environmental laws and regulations and the ability to reinvest the Gibson Energy sale proceeds. These risks and uncertainties are discussed in more detail in the 2008 Annual Report and Accounts on page 13.
Other principal risks and uncertainties facing the Group for the remaining six months of the financial year are discussed below:
Adequacy of provisions
The Group holds £73.3m of provisions for warranties, indemnities and vacant leasehold properties. The timing and amount of any provisions that may be payable remains uncertain.
Half Year Management Report (continued)
Fluctuation in currency exchange rates
The Group has significant overseas operations, hence results are denominated in a variety of currencies. As a result, the Group's financial statements, which are reported in sterling, are subject to the effects of foreign exchange rate fluctuations with respect to currency conversions, together with the Group's ability to hedge these risks and the cost of such hedging.
Outlook
Trading conditions in the second half of 2009 will be challenging. Recent improvements in the oil price should benefit activity in all regions outside North America, but low natural gas prices in North America will continue to deter any recovery in drilling activity. Accordingly, employee levels within those facilities dependent upon North American drilling have been reduced by 32% resulting in £12.3m of annualised cost savings. The NCC and PT SMB acquisitions have strong backlogs and should make good contributions in the second half. Notwithstanding the current economic conditions, the long term fundamentals of the energy industry remain the same. Oil and gas reservoirs around the world are displaying higher decline rates and demand growth will follow the recession's end.
Your Company entered this year with a strong balance sheet, which will be used to add value through investment to:
1) consolidate facilities for cost reduction and production efficiencies;
2) acquire companies less focused on onshore gas drilling but toward deep
water, high temperature/high pressure applications;
3) develop proprietary products to increase market share; and
4) place the Company in a position for maximum benefit from the inevitable
recovery.
Underlining our confidence in the future strategy of the Company and the industry, the Board have approved a 21% increase in the half year dividend.
Richard Hunting Dennis Proctor
Chairman Chief Executive
27 August 2009
Statement of Directors' Responsibilities
The Directors confirm that this condensed set of consolidated financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and that the half year management report includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7 and 4.2.8, namely:
· an indication of important events that have occurred during the first six
months and their impact on the condensed set of financial statements and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
· material related party transactions in the first six months and any material
changes in the related party transactions described in the 2008 Annual
Report and Accounts.
The Directors of the Company are listed on page 14 in Hunting PLC's 2008 Annual Report and Accounts. The following Board changes have been announced in the management report: John Nicholas and John Hofmeister were appointed as independent non-executive directors to the Board on 26 August 2009 and Hector McFadyen will retire on 3 September 2009. A list of current Directors is maintained on the Hunting PLC website: www.hunting.plc.uk
By order of the Board
Peter Rose
Finance Director
27 August 2009
Independent Review Report to Hunting PLC
Introduction
We have been engaged by the Company to review the condensed consolidated interim financial information in the half-yearly financial report for the six months ended 30 June 2009, which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the statement of changes in equity, the consolidated statement of cash flows and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed consolidated interim financial information.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed consolidated interim financial information included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed consolidated interim financial information in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
London
27 August 2009
Notes:
(a) The maintenance and integrity of the Hunting PLC website is the
responsibility of the directors; the work carried out by the auditors does
not involve consideration of these matters and, accordingly, the auditors
accept no responsibility for any changes that may have occurred to the
financial statements since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
Consolidated Income Statement
(Unaudited)
Restated Restated
Six months ended 30 June 2009 Six months Year ended 31 December 2008
Before ended Before
exceptional Exceptional 30 June exceptional Exceptional
items items Total 2008 items items Total
Notes £m £m £m £m £m £m £m
Revenue 2 219.8 - 219.8 201.2 440.0 - 440.0
Cost of sales (153.1) - (153.1) (138.0) (303.7) (16.2) (319.9)
Gross profit 66.7 - 66.7 63.2 136.3 (16.2) 120.1
Other operating income 1.1 - 1.1 1.0 4.7 - 4.7
Operating expenses (44.8) - (44.8) (40.2) (79.9) (34.7) (114.6)
Profit from continuing 2 23.0 - 23.0 24.0 61.1 (50.9) 10.2
operations
Interest income 6.9 - 6.9 2.8 7.2 - 7.2
Interest expense and similar (3.6) - (3.6) (5.7) (10.4) - (10.4)
charges
Share of post-tax profits in 0.2 - 0.2 0.3 1.2 - 1.2
associates
Profit before tax from 26.5 - 26.5 21.4 59.1 (50.9) 8.2
continuing operations
Taxation 4 (8.5) - (8.5) (7.2) (19.5) 11.7 (7.8)
Profit for the period:
From continuing operations 18.0 - 18.0 14.2 39.6 (39.2) 0.4
From discontinued 5 - 1.6 1.6 21.0 39.2 268.1 307.3
operations
Profit for the period 18.0 1.6 19.6 35.2 78.8 228.9 307.7
Attributable to:
Shareholders' of the parent 16.0 1.6 17.6 33.6 75.3 228.9 304.2
Minority interests 2.0 - 2.0 1.6 3.5 - 3.5
18.0 1.6 19.6 35.2 78.8 228.9 307.7
Earnings per share
Basic:
From continuing operations 6 12.3p 9.7p (2.4)p
From discontinued 6 1.2p 16.1p 234.8p
operations
Group total 13.5p 25.8p 232.4p
Diluted:
From continuing operations 6 12.0p 9.3p (2.4)p
From discontinued 6 1.2p 15.6p 234.8p
operations
Group total 13.2p 24.9p 232.4p
The income statement for the six months ended 30 June 2008 did not contain any exceptional items.
The income statements for the year ended 31 December 2008 and for the six months ended 30 June 2008 have been restated to reflect the change in accounting policy from carrying property at valuation to carrying these at cost.
Consolidated Statement of Comprehensive Income
(Unaudited)
Restated Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Profit for the period 19.6 35.2 307.7
Other comprehensive income after tax:
Exchange adjustments (22.6) (1.9) 40.4
Release of foreign exchange adjustments on - - (13.8)
disposal of
subsidiary
Fair value (loss) gain on available for (2.1) - 1.2
sale financial assets
arising during the period
Fair value gains and losses:
- gains (losses) originating on cash flow 0.6 0.2 (3.1)
hedges arising
during the period
- losses (gains) transferred to income 2.4 (0.1) 0.4
statement on
disposal of cash flow hedges
Actuarial losses on defined benefit (0.1) (12.3) (14.4)
pension schemes
Other comprehensive income after tax (21.8) (14.1) 10.7
Total comprehensive income for the period (2.2) 21.1 318.4
Attributable to:
Shareholders' of the parent (3.8) 19.5 314.6
Minority interests 1.6 1.6 3.8
(2.2) 21.1 318.4
Consolidated Balance Sheet
(Unaudited)
Restated Restated Restated
At At At At
30 June 30 June 31 December 31 December
2009 2008 2008 2007
£m £m £m £m
ASSETS
Non-current assets
Property, plant and equipment 111.8 101.1 119.6 241.8
Goodwill 47.8 40.9 29.3 72.4
Other intangible assets 4.5 1.8 1.2 13.9
Interests in associates 10.8 10.3 10.8 10.5
Available for sale investments 26.4 0.2 28.5 0.2
Retirement benefit assets 7.8 8.7 7.6 25.2
Trade and other receivables 1.4 1.6 1.6 2.8
Deferred tax assets 5.1 3.8 5.9 7.1
215.6 168.4 204.5 373.9
Current assets
Inventories 112.5 82.3 124.3 142.1
Trade and other receivables 62.2 85.4 124.0 244.3
Investments - - - 0.9
Cash and cash equivalents 414.3 61.2 421.4 79.8
Assets classified as held for - 487.8 - -
sale
589.0 716.7 669.7 467.1
LIABILITIES
Current liabilities
Trade and other payables 127.7 106.2 164.8 262.1
Current tax liabilities 15.9 11.3 13.6 7.1
Borrowings 26.3 81.7 49.1 89.2
Provisions 57.5 4.0 56.2 4.5
Liabilities classified as held - 263.5 - -
for sale
227.4 466.7 283.7 362.9
Net current assets 361.6 250.0 386.0 104.2
Non-current liabilities
Borrowings 0.4 124.8 - 130.7
Deferred tax liabilities 15.3 18.6 16.5 79.7
Retirement benefit obligations - - - 1.1
Other payables - - - 0.1
Provisions 15.8 8.3 16.7 15.4
31.5 151.7 33.2 227.0
Net assets 545.7 266.7 557.3 251.1
Shareholders' equity
Share capital 33.0 33.0 33.0 32.9
Share premium 90.0 90.0 90.0 87.2
Other reserves 17.5 10.7 38.7 11.9
Retained earnings 391.4 120.4 383.4 108.1
531.9 254.1 545.1 240.1
Minority interests 13.8 12.6 12.2 11.0
Total equity 545.7 266.7 557.3 251.1
Statement of Changes in Equity
(Unaudited)
Six months ended 30 June 2009
Share Share Other Retained Minority Total
capital premium reserves earnings Total interests equity
£m £m £m £m £m £m £m
Group
At 1 January 33.0 90.0 47.5 383.5 554.0 12.2 566.2
Change in accounting policy - - (8.8) (0.1) (8.9) - (8.9)
At 1 January as restated 33.0 90.0 38.7 383.4 545.1 12.2 557.3
Total comprehensive - - (21.3) 17.5 (3.8) 1.6 (2.2)
income for the period
Dividends - - - (9.2) (9.2) - (9.2)
Purchase of Treasury shares - - - (1.5) (1.5) - (1.5)
Disposal of Treasury shares - - - 0.8 0.8 - 0.8
Share options
- value of employee services - - 0.5 - 0.5 - 0.5
- discharge - - (0.4) 0.4 - - -
At 30 June 33.0 90.0 17.5 391.4 531.9 13.8 545.7
Six months ended 30 June 2008
Share Share Other Retained Minority Total
capital premium reserves earnings Total interests equity
£m £m £m £m £m £m £m
Group
At 1 January 32.9 87.2 73.3 107.5 300.9 11.0 311.9
Change in accounting policy - - (61.4) 0.6 (60.8) - (60.8)
At 1 January as restated 32.9 87.2 11.9 108.1 240.1 11.0 251.1
Total comprehensive - - (1.8) 21.3 19.5 1.6 21.1
income for the period
Dividends - - - (7.5) (7.5) - (7.5)
Shares issued
- share option schemes - 0.2 - - 0.2 - 0.2
- LTIP awards 0.1 2.6 - - 2.7 - 2.7
Purchase of Treasury shares - - - (3.5) (3.5) - (3.5)
Disposal of Treasury shares - - - 1.6 1.6 - 1.6
Share options
- value of employee services - - 0.8 - 0.8 - 0.8
- discharge - - (0.2) 0.2 - - -
- taxation - - - 0.2 0.2 - 0.2
At 30 June 33.0 90.0 10.7 120.4 254.1 12.6 266.7
Statement of Changes in Equity (continued)
(Unaudited)
Year ended 31 December 2008
Share Share Other Retained Minority Total
capital premium reserves earnings Total interests equity
£m £m £m £m £m £m £m
Group
At 1 January 32.9 87.2 73.3 107.5 300.9 11.0 311.9
Change in accounting policy - - (61.4) 0.6 (60.8) - (60.8)
At 1 January as restated 32.9 87.2 11.9 108.1 240.1 11.0 251.1
Total comprehensive - - 24.8 289.8 314.6 3.8 318.4
income for the year
Dividends - - - (11.3) (11.3) (2.6) (13.9)
Shares issued
- share option schemes - 0.1 - - 0.1 - 0.1
- LTIP awards 0.1 2.6 - - 2.7 - 2.7
Purchase of Treasury shares - - - (7.5) (7.5) - (7.5)
Disposal of Treasury shares - - - 2.6 2.6 - 2.6
- taxation - - - 1.4 1.4 - 1.4
Share options
- value of employee services - - 2.4 - 2.4 - 2.4
- discharge - 0.1 (0.4) 0.3 - - -
At 31 December 33.0 90.0 38.7 383.4 545.1 12.2 557.3
Consolidated Statement of Cash Flows
(Unaudited)
Restated Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Operating activities
Continuing operations:
Profit from operations 23.0 24.0 10.2
Exceptional items - - 50.9
Depreciation, amortisation and 7.7 8.1 17.2
impairment
Profit on disposal of investments - - (0.1)
Loss on disposal of property, plant and 1.1 1.7 2.0
equipment
Proceeds from disposal of property, 1.4 1.5 2.6
plant and equipment
held for rental
Purchase of property, plant and (5.8) (5.8) (13.6)
equipment held for rental
Decrease (increase) in inventories 3.9 3.8 (21.9)
Decrease (increase) in receivables 53.9 (4.7) (21.9)
(Decrease) increase in payables (33.8) (8.6) 28.1
Taxation paid (9.8) (3.8) (8.7)
Other non-cash flow items (5.4) (0.8) (3.8)
Discontinued operations - 17.5 27.3
Net cash inflow from operating activities 36.2 32.9 68.3
Investing activities
Continuing operations:
Dividends received from associates - 0.2 1.0
Purchase of subsidiaries (32.1) - (1.6)
Disposal of subsidiaries 17.6 - 525.9
Net cash disposed of with subsidiary - - (1.5)
Closure of business - - (0.7)
Loans to associates - - (0.4)
Loans to associates repaid 0.5 - -
Loans from associates repaid - - (1.5)
Loans from associates 0.3 0.9 -
Purchase of investments - (0.1) (0.1)
Proceeds from disposal of property, 0.3 0.1 1.8
plant and equipment
Purchase of property, plant and (5.2) (10.0) (21.4)
equipment
Discontinued operations - (20.9) (35.2)
Net cash (outflow) inflow from investing (18.6) (29.8) 466.3
activities
Financing activities
Continuing operations:
Interest received 6.8 2.5 6.1
Interest paid (3.3) (8.0) (8.2)
Equity dividends paid - - (11.3)
Minority interest dividend paid - - (2.6)
Share capital issued - 0.2 0.2
Purchase of treasury shares (1.5) (2.5) (6.2)
Disposal of treasury shares 0.9 0.4 1.3
Proceeds from new borrowings - 13.3 -
Repayment of borrowings - (4.4) (162.2)
Repayment of deposits - 0.9 0.9
Capital element of finance leases (0.3) (0.1) (0.1)
Discontinued operations - 0.1 (4.4)
Net cash inflow (outflow) from financing 2.6 2.4 (186.5)
activities
Consolidated Statement of Cash Flows (continued)
(Unaudited)
Restated Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Net cash inflow in cash and cash 20.2 5.5 348.1
equivalents
Cash and cash equivalents at the beginning 372.4 19.7 19.7
of period
Effect of foreign exchange rates (4.0) - 4.6
Reclassified as held for sale - (5.6) -
Cash and cash equivalents at end of period 388.6 19.6 372.4
Cash and cash equivalents and bank
overdrafts at the end
of the period comprise:
Cash and cash equivalents 414.3 61.2 421.4
Bank overdrafts included in borrowings (25.7) (41.6) (49.0)
388.6 19.6 372.4
Notes
1. BASIS OF ACCOUNTING
The financial information contained in this half year report complies with
IAS 34 Interim Financial Reporting, as adopted by the European Union, and
with the Disclosure and Transparency Rules of the Financial Services
Authority. The condensed consolidated interim financial information should
be read in conjunction with the 2008 Annual Report and Accounts, which has
been prepared in accordance with IFRS standards and IFRIC interpretations
as adopted by the European Union. This half year report has been prepared
using the same accounting policies and methods of computation used to
prepare the 2008 Annual Report and Accounts, except for the change in
accounting policy and the adoption of new standards and interpretations,
noted below.
This half year report does not constitute statutory accounts as defined in
section 434 of the Companies Act 2006. A copy of the statutory accounts for
the year ended 31 December 2008 has been delivered to the Registrar of
Companies. The auditors' report on those accounts was unqualified, did not
contain an emphasis of matter paragraph and did not contain any statement
under section 237 of the Companies Act 1985.
Adoption of new standards, amendments and interpretations
The following new standards, amendments and interpretations have been adopted
for the six months ended 30 June 2009:
* IFRS 8 Operating Segments (see note 2 for details on adoption)
* IAS 23 (revised) Borrowing Costs
* IAS 1 (revised) Presentation of Financial Statements
* Amendment to IFRS 2 Share-based Payment - Vesting conditions and
cancellations
* Amendments to IFRS 1 and IAS 27 - Cost of Investment in a Subsidiary,
Jointly Controlled Entity or Associate
* Amendment to IAS 32 - Puttable Instruments and Obligations Arising on
Liquidation
* Amendment to IFRS 7 Financial Instruments: Disclosure*
* Improvements to IFRSs - April 2009: Amendment to IFRS 8*
* Annual Improvements to IFRSs - May 2008
* IFRIC 12 Service Concession Arrangements
* IFRIC 13 Customer Loyalty Programmes Relating to IAS 18 Revenue
* IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and Their Interaction
* IFRIC 15 Agreements for the Construction of Real Estate
* IFRIC 16 Hedges of a Net Investment in a Foreign Operation
* Not yet endorsed by the European Union, but adopted on the assumption
that the Group expects the EU to endorse them and that they will be
applicable in the 2009 Annual Report and Accounts.
IAS 1 (revised) Presentation of Financial Statements prohibits the
presentation of items of income and expense ('non-owner changes in equity')
in the statement of changes in equity, requiring non-owner changes in equity
to be presented separately from owner changes in equity. All non-owner
changes in equity are required to be shown in a performance statement. The
Group has elected to present two statements; an income statement and a
statement of comprehensive income. The half year financial statements have
been prepared under the revised disclosure requirements.
The adoption of the amendment to IAS 16, part of the Annual Improvements to
IFRSs - May 2008, requires those entities, whose activities include renting
assets, to recognise rental income as revenue and to transfer the carrying
amount of the assets to inventories when the assets become held for sale, and
to present the carrying amount in cost of sales and the proceeds as revenue
on the sale of those assets. A consequential amendment to IAS 7 states that
the cash flows arising from the purchase, rental and sale of those assets are
classified as cash flows from operating activities. The impact of this on the
Group's accounts has been to reclassify net cash outflows of £4.3m for the
six months ended 30 June 2008 and £11.0m for the year ended 31 December 2008
from investing activities to operating activities in the Consolidated
Statement of Cash Flows.
Notes (continued)
1. BASIS OF ACCOUNTING (continued)
Although the adoption of the other standards, amendments and
interpretations represents a change in accounting policy, comparative
figures for 2008 have not been restated, as these changes do not impact the
financial performance or position of the Group.
Standards adopted early by the Group
The amendment to IFRS 8 relating to the disclosure of information about
segment assets has been adopted early in 2009. As no information on segment
assets is produced for internal reporting purposes, no segment asset
information has been disclosed.
Change in accounting policy from carrying property at valuation to historic
cost
The Group has elected to change its accounting policy from carrying property
at valuation to carrying it at cost under IAS 16 Property, Plant and
Equipment. The accounting policy for depreciation remains unchanged. The
property portfolio of the Group has reduced significantly following the
disposal of Gibson Energy on 12 December 2008 and the significance of
property, plant and equipment on the balance sheet has declined. In addition,
the majority of Hunting's peers use the cost model and so the use of the cost
model will improve comparability.
Prior year comparatives have been restated to reflect this change in policy,
as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors.
The impact of this change in accounting policy is set out below:
Six months ended 30 Change in accounting Restated Year ended Change in accounting Restated Year ended
June 2008 (as policy Six months ended 30 31December 2008 (as policy 31 December 2008
previously reported) June2008 previously reported)
£m £m £m £m £m £m
Consolidated Income
Statement:
Gross Profit 63.2 - 63.2 120.1 - 120.1
Other operating 1.0 - 1.0 4.7 - 4.7
income
Operating expenses (40.3) 0.1 (40.2) (114.8) 0.2 (114.6)
Net finance costs (2.9) - (2.9) (3.2) - (3.2)
Share of post-tax 0.3 - 0.3 1.2 - 1.2
profits in
associates
Taxation (7.1) (0.1) (7.2) (7.7) (0.1) (7.8)
Profit from 14.2 - 14.2 0.3 0.1 0.4
continuing
operations
Profit from 20.1 0.9 21.0 256.3 51.0 307.3
discontinued
operations
Profit for the 34.3 0.9 35.2 256.6 51.1 307.7
period
Earnings per share:
Basic EPS 25.0p 0.8p 25.8p 193.4p 39.0p 232.4p
Diluted EPS 24.2p 0.7p 24.9p 187.4p 45.0p 232.4p
Consolidated Statement of Comprehensive Income:
Profit for the 34.3 0.9 35.2 256.6 51.1 307.7
period
Other comprehensive
income after tax:
Exchange adjustments (3.4) 1.5 (1.9) 44.2 (3.8) 40.4
Release of foreign - - - (18.0) 4.2 (13.8)
exchange
adjustments on
disposal of
subsidiary
Impairment of - - - (0.4) 0.4 -
revalued assets
Fair value gain on - - - 1.2 - 1.2
available for sale
financial asset
Fair value gains and 0.1 - 0.1 (2.7) - (2.7)
losses on cash flow
hedges
Actuarial losses on (12.3) - (12.3) (14.4) - (14.4)
defined benefit
pension schemes
Other comprehensive (15.6) 1.5 (14.1) 9.9 0.8 10.7
income after tax
Total comprehensive 18.7 2.4 21.1 266.5 51.9 318.4
income for the
period
Notes (continued)
1. BASIS OF ACCOUNTING (continued)
Change in accounting Restated Year Change Restated Year ended
Six months ended policy Six months ended ended 31 in accounting 31 December 2008
30 June 30 June December policy
2008 (as 2008 2008 (as previously
previously reported) reported)
£m £m £m £m £m £m
Consolidated Balance
Sheet:
Property, plant and 111.8 (10.7) 101.1 130.6 (11.0) 119.6
equipment
Assets classified as 553.1 (65.3) 487.8 - - -
held for sale
Liabilities (279.2) 15.7 (263.5) - - -
classified as held
for sale
Deferred tax (20.5) 1.9 (18.6) (18.6) 2.1 (16.5)
liabilities
Other assets and (40.1) - (40.1) 454.2 - 454.2
liabilities
Net assets 325.1 (58.4) 266.7 566.2 (8.9) 557.3
Share capital 33.0 - 33.0 33.0 - 33.0
Share premium 90.0 - 90.0 90.0 - 90.0
Revaluation reserve 58.5 (58.5) - 9.6 (9.6) -
Foreign currency 6.0 (0.5) 5.5 33.1 0.8 33.9
translation reserve
Retained earnings 119.8 0.6 120.4 383.5 (0.1) 383.4
Other reserves 5.2 - 5.2 4.8 - 4.8
Minority interests 12.6 - 12.6 12.2 - 12.2
Total equity 325.1 (58.4) 266.7 566.2 (8.9) 557.3
2. SEGMENT REPORTING
Business Segments
Results from operations
IFRS 8 Operating Segments has been adopted from 1 January 2009. IFRS 8
requires operating segments to be identified on the basis of internal reports
that are regularly reviewed by the chief operating decision maker in order to
allocate resources to the segment and assess its performance. Segment
reporting under IFRS 8 requires a presentation of the segment results based
on management reporting methods and a reconciliation between the results of
the business segments and the consolidated financial statements. As indicated
in the Chief Executive's Review in the Annual Report and Accounts for 2008, a
new segment, Well Intervention, has been identified and reported in internal
management reports. Although the Well Intervention segment does not currently
meet the requirements of a reportable segment, management has concluded that
this segment should be reported as it is an area of strategic focus of the
business and is expected to materially contribute to Group revenue in the
future.
The following tables present the results of the business segments on the same
basis as that used for internal reporting purposes. The information for the
six months ended 30 June 2008 and the year ended 31 December 2008 has been
re-presented to show the Well Intervention operating segment and to take into
account the change in accounting policy from carrying property at valuation
to carrying these at cost.
Hunting measures the performance of its operating segments based on revenue
and profit from operations, which excludes any exceptional items. Accounting
policies used for segment reporting reflect those used for the Group.
Inter-segment sales are priced on an arms-length basis. Costs and overheads
incurred centrally are apportioned to the operating segments on the basis of
time attributed to those operations by senior executives.
Notes (continued)
2. SEGMENT REPORTING (continued)
Six months ended 30 June 2009
Total Inter- Profit
gross segmental Total from
revenue revenue revenue operations
£m £m £m £m
Continuing operations:
Hunting Energy Services
Well Construction 50.7 (1.8) 48.9 3.5
Well Completion 109.9 (4.7) 105.2 12.9
Well Intervention 12.3 - 12.3 1.8
Exploration and Production 3.1 - 3.1 -
Hunting Energy France 10.8 - 10.8 0.9
186.8 (6.5) 180.3 19.1
Other Operating Divisions
EA Gibson Shipbrokers 10.7 - 10.7 0.3
Field Aviation 28.8 - 28.8 3.6
39.5 - 39.5 3.9
Total from continuing operations 226.3 (6.5) 219.8 23.0
Net finance income 3.3
Share of post-tax profits in 0.2
associates
Profit before tax from continuing 26.5
operations
Notes (continued)
2. SEGMENT REPORTING (continued)
Six months ended 30 June 2008 (restated)
Total Inter- Profit
gross segmental Total from
revenue revenue revenue operations
£m £m £m £m
Continuing operations:
Hunting Energy Services
Well Construction 54.0 (4.5) 49.5 5.8
Well Completion 94.5 (4.9) 89.6 11.8
Well Intervention 11.2 - 11.2 1.9
Exploration and Production 7.2 - 7.2 3.0
Hunting Energy France 9.0 - 9.0 0.8
175.9 (9.4) 166.5 23.3
Other Operating Divisions
EA Gibson Shipbrokers 13.1 - 13.1 1.6
Field Aviation 21.6 - 21.6 (0.9)
34.7 - 34.7 0.7
Total from continuing operations 210.6 (9.4) 201.2 24.0
Net finance costs (2.9)
Share of post-tax profits in 0.3
associates
Profit before tax from continuing 21.4
operations
Discontinued operations:
Gibson Energy
Marketing 1,125.6 (124.9) 1,000.7 11.2
Truck Transportation 70.0 (7.7) 62.3 7.0
Terminals and Pipelines 242.1 (207.1) 35.0 10.9
Propane Distribution and Marketing 119.4 - 119.4 4.6
Moose Jaw Refinery 110.5 (40.9) 69.6 (0.5)
Total from discontinued operations 1,667.6 (380.6) 1,287.0 33.2
Net finance costs (2.4)
Profit before tax from 30.8
discontinued operations
Profit from operations for Gibson Energy excludes depreciation and
amortisation charges from 30 April 2008.
There were no exceptional items for the six months ended 30 June 2008.
Notes (continued)
2. SEGMENT REPORTING (continued)
Year ended 31 December 2008 (restated)
Profit
from
operations
Total Inter- before
gross segmental Total exceptional Exceptional
revenue revenue revenue items items Total
£m £m £m £m £m £m
Continuing
operations:
Hunting Energy Services
Well Construction 118.4 (6.4) 112.0 13.6 (13.4) 0.2
Well Completion 193.6 (3.8) 189.8 26.8 (4.9) 21.9
Well Intervention 23.3 - 23.3 4.6 - 4.6
Exploration and 14.8 - 14.8 5.9 (16.2) (10.3)
Production
Hunting Energy 21.5 - 21.5 2.0 - 2.0
France
371.6 (10.2) 361.4 52.9 (34.5) 18.4
Other Operating Divisions
EA Gibson 31.2 - 31.2 6.9 - 6.9
Shipbrokers
Field Aviation 47.4 - 47.4 1.3 (2.8) (1.5)
78.6 - 78.6 8.2 (2.8) 5.4
Total from 450.2 (10.2) 440.0 61.1 (37.3) 23.8
continuing
operations
Exceptional items not apportioned to business segments - (13.6) (13.6)
Profit from continuing operations 61.1 (50.9) 10.2
Net finance costs (3.2) - (3.2)
Share of post-tax profits in associates 1.2 - 1.2
Profit before tax from continuing operations 59.1 (50.9) 8.2
Discontinued operations:
Gibson Energy
Marketing 2,567.8 (779.9) 1,787.9 6.6 - 6.6
Truck Transportation 147.3 (18.1) 129.2 16.8 - 16.8
Terminals and 502.8 (434.1) 68.7 17.5 - 17.5
Pipelines
Propane Distribution 229.5 (17.5) 212.0 7.7 - 7.7
and
Marketing
Moose Jaw Refinery 302.6 (129.6) 173.0 10.8 - 10.8
Profit on disposal - - - - 258.8 258.8
Total from 3,750.0 (1,379.2) 2,370.8 59.4 258.8 318.2
discontinued
operations
Net finance costs (4.3)
Share of post-tax losses in associates (0.2)
Profit before tax from discontinued operations 313.7
Profit from operations for Gibson Energy excludes depreciation and
amortisation charges from 30 April 2008.
Notes (continued)
3. EXCEPTIONAL CHARGES
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Exceptional items comprise:
Impairment of goodwill - - 16.3
Impairment of property, plant and - - 16.8
equipment
Property provisions 1.5 - 10.6
Other exceptional (credits) charges (1.5) - 7.2
- - 50.9
In the six months ended 30 June 2009, £1.5m of surplus provisions relating to
warranties given in respect of a former subsidiary have been released and
£1.5m of additional provisions have been booked following a reassessment of
leasehold property exposures.
4. TAXATION
The taxation charge for the six months ended 30 June 2009 is calculated by
applying the estimated annual Group effective rate of tax to the profit for
the period.
The estimated tax rate for the year ended 31 December 2009 for continuing
operations is 32% and has been used for the six months ended 30 June 2009
(six months ended 30 June 2008 and year ended 31 December 2008 - 33%). The
reduced effective rate of 32% is mainly due to an increase in profits in
lower tax jurisdictions.
Included in the tax charge for the year ended 31 December 2008 is a credit of
£11.7m in respect of exceptional items.
Notes (continued)
5. DISCONTINUED OPERATIONS
On 6 August 2008, the Group entered into an agreement for the sale of Gibson
Energy Inc. (Gibson Energy), its midstream services operation. The sale was
completed on 12 December 2008. The results from discontinued operations
comprise the trading results of Gibson Energy and the gain on disposal as
follows:
Restated Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Results of Gibson Energy:
Revenue - 1,287.0 2,370.8
Cost of sales - (1,239.6) (2,303.7)
Gross profit - 47.4 67.1
Operating income - 0.3 0.5
Operating expenses - (14.5) (8.2)
Profit from operations - 33.2 59.4
Interest income - 0.1 0.2
Interest expense and similar charges - (2.5) (4.5)
Share of post-tax loss in associates - - (0.2)
Profit before tax - 30.8 54.9
Taxation - (9.8) (15.7)
Profit for the period from discontinued - 21.0 39.2
operations
Profit on disposal of Gibson Energy:
Profit on disposal before tax 9.6 - 258.8
Taxation (8.0) - 9.3
Profit on disposal after tax 1.6 - 268.1
Total profit from discontinued 1.6 21.0 307.3
operations
Under the terms of the sale of Gibson Energy, the consideration payable by
the purchaser was subject to the preparation and agreement of completion
accounts. These have been agreed in 2009 and result in an additional cash
consideration payable by the purchaser of £17.6m, which was received on 20
April 2009.
Provisions held in respect of the Gibson Energy disposal have been reassessed
and result in additional provisions for tax indemnities, warranties and
corporation tax of £16.0m. These offset the additional consideration received
and result in an additional profit on disposal after tax of £1.6m.
Notes (continued)
6. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable
to Ordinary shareholders by the weighted average number of Ordinary shares
outstanding during the period.
For diluted earnings per share, the weighted average number of outstanding
Ordinary shares is adjusted to assume conversion of all dilutive potential
Ordinary shares. The dilution in respect of share options applies where the
exercise price is less than the average market price of the Company's
Ordinary shares during the period and the possible issue of shares under the
Group's long term incentive plans.
Reconciliations of the earnings and weighted average number of Ordinary
shares used in the calculations are set out below:
Restated Restated
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Basic and diluted earnings attributable
to Ordinary shareholders:
From continuing operations 16.0 12.6 (3.1)
From discontinued operations 1.6 21.0 307.3
Total 17.6 33.6 304.2
millions millions millions
Basic weighted average number of 131.0 130.8 130.9
Ordinary shares
Dilutive outstanding share options 2.2 4.2 3.7
Long term incentive plans 0.5 0.1 0.5
Adjusted weighted average number of 133.7 135.1 135.1
Ordinary shares
pence pence pence
Basic EPS:
From continuing operations 12.3 9.7 (2.4)
From discontinued operations 1.2 16.1 234.8
13.5 25.8 232.4
pence pence pence
Diluted EPS:
From continuing operations 12.0 9.3 (2.4)
From discontinued operations 1.2 15.6 234.8
13.2 24.9 232.4
pence pence pence
EPS adjusted for exceptional items:
Basic EPS from continuing operations 12.3 9.7 (2.4)
Add: exceptional items after taxation - - 30.0
Basic EPS from continuing operations 12.3 9.7 27.6
before exceptional items
Diluted EPS from continuing operations 12.0 9.3 (2.4)
Add: exceptional items after taxation - - 29.2
Diluted EPS from continuing operations 12.0 9.3 26.8
before exceptional items
Notes (continued)
7. PROPERTY, PLANT AND EQUIPMENT
The Group acquired new property, plant and equipment of £11.0m in the six
months ended 30 June 2009. Hunting Energy Services spent £2.5m on new
facilities and £2.7m on new machinery and tools.
The balance of £5.8m was for replacement capital, including £0.3m by the
Exploration and Production division.
Equipment with a carrying value of £2.5m was disposed of during the period.
The Group also acquired property, plant and equipment with a fair value of
£5.2m when it acquired NCC on 12 June 2009 (see note 12).
8. PROVISIONS
A reassessment of provisions held for tax indemnities and warranties in
respect of the Gibson Energy disposal has resulted in additional provisions
of £8.0m being made. During the period, £4.1m of provisions held at the
start of the period in respect of Gibson Energy were utilised. Other
provision movements are set out in note 3.
9. DIVIDENDS
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2009 2008 2008
£m £m £m
Ordinary dividends:
2008 final - 7.0p 9.2 - -
2008 interim - 2.9p - - 3.8
2007 final - 5.7p - 7.5 7.5
9.2 7.5 11.3
A 2009 interim dividend of 3.5p per share, which will absorb an estimated
£4.6m, was approved by the Board for payment on 20 November 2009.
10. CHANGES IN NET CASH
Acquisitions
(excluding
cash, cash
At equivalents At
1 January and Exchange 30 June
2009 Cash flow overdrafts) movements 2009
£m £m £m £m £m
Cash and cash 421.4 (2.6) - (4.5) 414.3
equivalents
Bank overdrafts (49.0) 22.8 - 0.5 (25.7)
372.4 20.2 - (4.0) 388.6
Finance leases (0.1) 0.3 (1.3) 0.1 (1.0)
Net cash 372.3 20.5 (1.3) (3.9) 387.6
Notes (continued)
11. ASSETS HELD FOR SALE
The Group classified the assets and liabilities of Gibson Energy as held
for sale on 30 June 2008 following the commencement of an active programme
to locate a buyer. The fair value of the net assets held for sale at 30
June 2008 was as follows:
Six months
ended Restated
30 June Six months
2008 Change in ended
(as previously accounting 30 June
reported) policy 2008
£m £m £m
Assets classified as held for sale
Property, plant and equipment 213.5 (65.3) 148.2
Other assets 339.6 - 339.6
553.1 (65.3) 487.8
Liabilities classified as held for
sale
Deferred tax liabilities 73.0 (15.7) 57.3
Other liabilities 206.2 - 206.2
279.2 (15.7) 263.5
12. ACQUISITIONS
The Group acquired 100% of the share capital of National Coupling Company
Inc. ("NCC"), a leading supplier of proprietary couplings, valves and
chemical injection systems for deep water applications, for a gross
consideration of £32.6m on 12 June 2009. This business has been classified
as part of the Well Intervention segment.
Details of the acquired net assets, goodwill and consideration are set out
below:
Pre-acquisition Provisional
carrying values fair values
£m £m
Property, plant and equipment 4.5 5.2
Other intangible assets - 3.2
Trade and other receivables 3.0 3.0
Deferred tax assets - 0.4
Inventories 2.6 2.6
Trade and other payables (1.1) (1.1)
Borrowings (1.3) (1.3)
Net identifiable assets acquired 7.7 12.0
Goodwill 20.6
Consideration 32.6
The goodwill of £20.6m arising from the acquisition is attributable to
future synergies and business opportunities arising from the integration of
the business into the Group.
The consideration for the acquisition comprised £31.6m cash, £0.5m costs
directly related to the acquisition and £0.5m deferred cash.
The fair values of the net assets acquired are provisional given the short
period of time since the acquisition. Work is continuing in respect of the
fair value exercise.
Notes (continued)
12. ACQUISITIONS (continued)
Post-acquisition performance
NCC contributed the following to the Group's performance for the period
from acquisition to 30 June 2009:
£m
Revenue 0.8
Profit from operations 0.1
Profit before tax 0.1
If the acquisition had been made on 1 January 2009, NCC would have
contributed the following to the Group's performance for the six months
ended 30 June 2009:
£m
Revenue 8.7
Profit from operations 0.8
Profit before tax 1.3
13. CAPITAL COMMITMENTS
Group capital expenditure committed to the purchase of property, plant
and equipment, but not provided for in these financial statements
amounted to £5.7m (at 30 June 2008 - £11.0m; at 31 December 2008 -
£4.2m).
14. RELATED PARTY TRANSACTIONS
Non-wholly owned subsidiaries
During the period, interest bearing loans from non-wholly owned
subsidiaries increased by £11.8m. The terms of the loans have not
changed since the year end.
15. POST BALANCE SHEET EVENTS
The Group acquired 100% of the share capital of PT SMB Industri ("PT
SMB"), a premium threading facility in Batam, Indonesia, for a gross
consideration of £6.4m on 31 July 2009.
The provisional fair value of the net assets acquired is £3.8m giving
rise to goodwill of £2.6m. Goodwill principally represents the fair
value of synergies that are expected to arise as a result of the
acquisition.
The acquisition of PT SMB completed on 31 July 2009 and, given the short
period of time since the acquisition, the fair value allocation has yet
to be finalised.
This business will be classified as part of the Well Completion segment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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