LONDON (ShareCast) - Energy services firm Hunting saw profits rise for the half-year but revenue slipped due to contract delivery timing in its North Sea operations.

Revenue for the half year to 30 June 2008 decreased from £214.5m to £201.2m, though profits rose to £21.3m from £16.8m before. Interim dividend increased 14% to 2.9p per share.

“For 2008, the oil and gas industry has once again experienced a significant increase in commodity prices. We are pleased with the first half results and improvement should continue for the second half. In spite of recently declining commodity prices, the industry remains as robust as ever, with human resources its largest obstacle,” said the group.

Oil services group Wellstream Holdings reported a five-fold increase in pre-tax profits and announced a maiden dividend of 4p as revenues soared.

Revenue in the half year to June 30 climbed to £181.4m from £100m over the same period a year ago, lifting pre-tax profits to £40.8m from £6.8m.

“Demand for our services continues to be supported by a solid oil and gas market with activity levels in the South Atlantic Basin, Asia and deepwater Gulf of Mexico being particularly encouraging,” chief executive Gordon Chapman said.

“Based on this, the board remains confident with its outlook for the end of the financial year.”

Higher coal prices helped UK Coal lift interim revenues but the downturn in the real estate market hit the company’s property business, pushing it into losses.

The company reported pre-tax losses of £9.9m in the six months to June 30, compared with a profit of £40.6m over the same period a year ago, even as revenues climbed 18% to £172.9m.

However, the company said it was confident of meeting expectations for the full-year, with higher coal prices now starting to deliver increased cash flows, even if this is tempered by higher prices for other commodities such as fuel and steel.

Engineer IMI reported a sharp rise in pre-tax profits as it lifted revenues and raised margins despite higher raw material and energy costs.

Pre-tax profits in the six months to June 30 climbed by 35% from the same period a year ago to £103.7m, as revenues rose 17% to £911m.

The rise in revenues was helped by development of new products and growth in emerging markets, while cost reduction initiatives boosted margins.

“With a healthy order book, and continued momentum from both new products and emerging markets, we are confident of further revenue progression in the second half,” the company said.

Venture Production posted better figures, helped by higher oil and gas prices and increased output and said it expected to see even better production in the second half.

Pre-tax profit jumped 67% to £113.2m on revenues that rose 55% to £240.5m.

The company expects to see average daily barrel of oil equivalent production of 45,000 to 47,000 over 2008, a rise of 9% to 15% from 2007.

Oil and gas firm Salamander announced the first production of crude oil from the Bualuang Oil Field in block B8/38, in the Gulf of Thailand.

The group has a 60% operated interest in the Bualuang field.

“As operator of Bualuang, we are pleased to be bringing this new oil field on-stream, the production from which will contribute to Salamander's volume growth this year and next,” said CEO James Menzies.

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