Hunting on track in 2012

Hunting, the FTSE 250 energy services company, said trading so far in 2012 had been in line with expectations.

In comments released ahead of the company's AGM on Wednesday, Chairman Richard Hunting said many of the group's businesses were benefitting from current momentum in the energy industry.

"Overall, the company has a strong balance sheet and there has been no significant change to the financial position of the Group since the publication of the results for the year ended 31 December 2011," he said.

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In well construction, Hunting's US Manufacturing business reported strong shale related activity, while its drilling tools platform continued to perform well, albeit with the Canada business showing a seasonal slowing in momentum.

The firm's well construction division would also be aided by recovery in activity in the Gulf Of Mexico, the Chairman said.

Hunting's Advanced Manufacturing Group was trading well and this was reflected by a good order book, he added.