June 29, 2020 / 6:18 AM / 13 days ago

BRIEF-Hunting Says 25% Reduction In Group's Workforce

June 29 (Reuters) - Hunting PLC:

* HUNTING PLC - RAPID ACTION TO ADDRESS COST BASE IMPLEMENTED, WITH ANNUALISED SAVINGS OF CIRCA.$60M CAPTURED

* HUNTING PLC - TRADING WITHIN MOST OF GROUP’S BUSINESSES HAS REPORTED A DECLINE DURING Q2 2020, FOLLOWING MODEST TRADING RESULTS IN Q1 2020

* HUNTING - UNDERLYING EBITDA IN YEAR TO DATE IS EXPECTED TO BE IN RANGE OF $22M TO $23M, IF TRADING FOR JUNE 2020 PERFORMS IN LINE WITH EXPECTATIONS

* HUNTING PLC - OVER 50% CUT IN BUDGETED CAPITAL EXPENDITURE WITH CIRCA.$22M PROJECTED FOR FULL YEAR

* HUNTING PLC - A 25% REDUCTION IN GROUP’S WORKFORCE, AS COMPARED TO END OF 2019, WITH RESTRUCTURING LARGELY COMPLETED BY JUNE

* HUNTING PLC - MOST CONTRACT WORKERS ACROSS GROUP’S GLOBAL OPERATIONS HAVE BEEN RELEASED

* HUNTING PLC - NUMBER OF FACILITIES ADJUSTING NUMBER OF DAILY SHIFTS IN ACCORDANCE WITH SHORT TO MEDIUM TERM OPERATING OUTLOOK

* HUNTING PLC - ANTICIPATED THAT ALL OF GROUP’S FACILITIES WILL BE OPERATING IN A MORE NORMALISED MANNER FOR BALANCE OF 2020

* HUNTING PLC - HUNTING TITAN HAS SEEN A SALES DECLINE OF CIRCA.40% DURING H1 2020 COMPARED TO H2 2019

* HUNTING PLC - GROUP’S US SEGMENT REPORTED POSITIVE RESULTS FOR FIRST HALF OF YEAR, THOUGH A DECLINE IN TRADING IN JUNE 2020 IS ANTICIPATED

* HUNTING PLC - HUNTING’S CANADA BUSINESS REDUCED CONTRACT STAFF IN PERIOD TO SAVE FURTHER COSTS Source text for Eikon: Further company coverage:

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