UK's Hunting Plc posts Q1 core profit ahead of expectations

(Reuters) - British oilfield services firm Hunting plc said on Wednesday its first quarter core profit jumped more than threefold to beat management expectations, owing to robust activity in North America.

Shares rose 4.8% to 253p at around 0726 GMT.

The company, whose clients include Exxon Mobil and Chevron, saw increased client enquiries after COVID-19 restrictions eased up last year and more drilling projects were sanctioned or restarted resulting in return to profitability.

Hunting reported core profit of $22.6 million for the three months ended March, as compared with $6.7 million last year.

The company did not say what its expectations for core profit for the quarter were.

"At this point in the year, the board ... reiterates its expectations for continued growth in year-on-year revenue and EBITDA," said CEO Jim Johnson.

Heightened market activity, commodity price hikes and the re-opening of China were acting as catalysts for industry participants and ushering growth for Hunting, the company had said in March.

The London-listed company had a strong March as its U.S. manufacturing unit saw several international order completions despite lower U.S. onshore rig count.

(Reporting by Anchal Rana in Bengaluru; Editing by Nivedita Bhattacharjee)