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Hunting - Oil rally boosts shares

November 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Since our last update in December, when we said “hold for recovery” at 319p, the shares have made a Lazarus-like recovery to a high of 517p. This of course reflects a recovery in oil prices.Reflecting the sub US$50 / barrel environment, revenues fell to US$228m (H1 ’15: US$464m), for a loss of US$77m. Net debt was US$87.5m (30 June 2015: US$166.7m).Management has negotiated the cancellation of difficult profit based lending covenants in return for a reduction in debt facility from US$350m to US$200m. It’s also reduced its cost base significantly, slashing head count from 4,003 as at 31 December 2014 to 2,145, a 46% reduction. It’s also closed three manufacturing and 7 distribution facilities. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Hunting - Oil rally boosts shares

November 2016

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