Hunting Plc (LON:HTG) shares jumped 6% higher on Wednesday after the energy services group said it expects its full-year results to be within the "upper half of current market consensus’.
In a trading update ahead of today's annual general meeting, the FTSE 250-listed firm said for the first three months of 2018 its underlying earnings (EBITDA) was approximately US$32.7mln and revenue was at a similar average monthly run rate to that reported in the fourth quarter of 2017.
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The group said its Hunting Titan US business reported strong results in the quarter, as activity in the onshore North American shale basins continues to strengthen.
The company added that revenues in US and Canada continue to stabilise, as offshore markets starting to improve.
However, in Europe, activity in the North Sea remains generally subdued, although contracts in the Netherlands and the UK have been secured.
Meanwhile, activities in the Asia Pacific region remained mixed, while operations in the Middle East and Africa reported improved activity levels.
Hunting said: "The Group has started the year well and given that the general market outlook remains steady in North America and Hunting's other regional operations are seeing improved market sentiment, management expectations for the full year have improved. Management therefore currently expect the full year result to be within the upper half of current market consensus."
In lunchtime trading, Hunting's shares were up 5.8% at 777.5p.