Hunting shares up 12pc as energy services firm returns to black

OIL and gas specialist

Hunting led the risers yesterday after its half-year profits smashed City expectations, sending its shares up 12pc.

The FTSE 250 services provider returned to the black in the first half of the year on the back of strong demand from offshore and US shale sector clients.

Underlying profits hit $53.5m (£41.2m), compared to a $9.3m loss the previous year.

Hunting also unveiled an interim dividend of 4 cents per share. Investors received no interim dividend the prior year.

Analysts at Barclays said cost cutting helped Hunting’s profits defy expectations at a time of underwhelming sales. The shares closed up 90.5p at 849p.

It was a very different story at Aim-listed meat seller Crawshaw, whose stock was butchered after a poor trading update.

The company’s shares dived 3.4p, or 55pc, to 2.75p after it reported a 13pc fall in like-for-like sales over the first half. The Yorkshirebased firm blamed rising shop rents, high business rates and lower footfall, as well as increased competition from discounters.

Over the full year Crawshaw said its sales would be flat and it would slump to an underlying operating loss of £3m. Industrial printer maker

Xaar meanwhile fell 72.8p, or 29.6pc, to 173p after it warned trading since June had been poorer than forecast and “is expected to continue to be”. The FTSE small cap inkjet specialist said sales of its new 1201 printhead product had been “significantly slower than expected”, while declines for its range of ceramics printers “continues to be aggressive”.

Xaar said it would announce the results of a strategic review of its printhead business and provide an update on cost cutting alongside interim results next week.

Drug maker Astrazeneca defied a poor day for the overall FTSE 100 after its once-weekly injection for type-2 diabetes got the green light from European regulators.

The medicine – Bydureon Bcise – had already won approval from US regulators last year. Astrazeneca closed up 21p at £59.10 as the blue-chip index as a whole fell back 0.6pc.

Brian White, analyst at Cantor Fitzgerald, separately upgraded his forecasts for Astrazeneca, arguing there were “exciting times” ahead for the firm due to a flurry of new products and growth in emerging markets.

On the FTSE 250, WH

Smith rose 18p to £20.70 after saying it was on track to hit full-year targets. The retailer said it had achieved cost savings and margin improvements in its home market and strong sales abroad.