LONDON (Alliance News) - ADES International Holding PLC on Tuesday said it made a "strong start" to the new year with the company expecting full-year results in line with views.
For the quarter ended March 31, the oil & gas drilling and production services provider achieved revenue of USD108.7 million, significantly higher than USD41.2 million a year ago.
Furthermore, ADES said profit margins are in line with expectations.
"We delivered a strong operational performance in the first quarter of the year, significantly accelerating revenue growth which increased by almost threefold compared to the first quarter of 2018. Our results were supported by the steady ramp up of utilisation rates and the increasing contribution from the 2018 acquisitions," Chief Executive Officer Mohamed Farouk said.
"Our focus remains on extracting synergies and properly integrating the recently acquired rigs, tendering activity and maintaining excellent customer service and asset utilisation. ADES' growing order backlog combined with improving end markets and higher utilisation rates provide significant growth potential and visibility, underpinning our confidence for 2019 and beyond."
ADES International shares were trading 1.8% lower at USD14.00 each.
