Oilfield support services provider Hunting said results for 2011 are set to be above market expectations after a strong finish to the year.
Trading since the release of the company's interim management statement on 17 November 2011 has been better than management had expected, especially within the North American manufacturing and connections business units, where demand continues to show strong momentum, while the Asia Pacific operations have also traded well.
Management are comfortable with the business outlook for 2012 and will provide further guidance on trading when the annual results are announced.
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The company noted that analysts' expectations for underlying profit before tax on continuing operations for the year ended December 31st, 2011, range from £63.8m to £72.8m with a consensus of £67.6m. Underlying profit before tax is stated before inventory fair value adjustments, amortisation of intangible assets and exceptional items.
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