Hunting trading in line, tax dispute closed
Energy services group Hunting said it is trading in line with its expectations for the full year but cautioned that the short term outlook is increasingly cautious due to tough market conditions in a number of its operating regions.
Energy services group Hunting said it is trading in line with its expectations for the full year but cautioned that the short term outlook is increasingly cautious due to tough market conditions in a number of its operating regions.
Hunting also confirmed that a tax dispute in Canada had been resolved which will provide £25m of cash inflow.
Hunting explained: "The CTA have now ended their enquiry into the larger of the two tax disputes and have dropped their challenge resulting in the release of provisions held in respect of the dispute which at 30 June 2012 amounted to approximately £31m."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company said its balance sheet remains strong with net debt at the end of November £205m, not taking account of the cash inflow from resolution of the tax dispute.
Chief Executive Dennis Proctor said the group is continuing with its strategy to globalise its broad portfolio of products and investment in the manufacturing and distribution footprint of the group.
"Global offshore drilling continues to improve with Hunting supplying products to a number of major exploration and development projects which is offsetting some of the US land-based rig reduction," he said.
"The board of Hunting is pleased with progress during 2012 however; the short term outlook is increasingly cautious due to the economic climate seen in a number of our operating regions."
CJ
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
HMRC warning after scammers target 170k taxpayers – how to stay protected
Scammers are using increasingly sophisticated methods to trick people into sharing personal details or paying for fake self assessment tax refunds
-
Average homes in every English region are now liable for stamp duty – how much will you pay?
As average house prices in every English region are now above the stamp duty threshold, we look at how much tax you will pay.