Hunting PLC (LON:HTG) saw its shares fall on Thursday as the energy services group said it continued to take “a cautious view" on the rate of recovery "in the wider market" due to "current market conditions".
However, in a pre-close half-year trading update, the FTSE 250-listed firm still said they “currently remain comfortable with the market consensus for the 2018 full year outturn.”
READ: Hunting expects full year results to be ‘within upper half of current market consensus’
The group added that its performance during the first half “continued to reflect strong activity levels within US onshore completions, improving sentiment in the US offshore market and localised regional improvements in the Asia Pacific and Middle East markets.”
But, it added: “Activity levels in Europe and Canada remain challenging as lower drilling activity continues to impact these markets.”
The company said its Hunting Titan division "delivered a performance ahead of management's expectations", as Titan's US segment "returned to operating profitability" in the first half.
However, Hunting said its other segments “delivered an operating loss in the period".
In late morning trading, Hunting shares were 2.2% lower at 807p.