It remains tough in oil services, but are we close to the point of greatest despair?

Given the generally poor news flow from the oil services sector and declining US rig count, today’s profit warning from the AIM quoted designer and manufacturer of speciality engineering solutions for high-pressure systems is probably much as anticipated, although clearly still disappointing. The highly experienced management team has experienced several cycles before and remains confident in the medium-term prospects for the Group. All of the Group’s divisions are well positioned to capitalise quickly on any improvement in market conditions, which will happen…..it’s just a matter of when!