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(Alliance News) - Drilling technology firm Enteq Upstream PLC on Wednesday reported a narrowed annual loss following "significant" revenue growth.
Enteq posted a pretax loss of USD165,000 for the 12 months to March, from USD601,000 the year prior, after revenue climbed 57% to USD10.2 million.
The results, Enteq said, reflect "improved trading" across the business, with the global oil & gas business having a "relatively" stable year despite various political issues and "changing international dynamics".
Chief Executive Martin Perry said: "As a result of the board's prudent strategy of cash management, combined with focused investment, Enteq has seen substantial positive growth and a return to real profitability in the last year.
"The company now has a strong base from which to introduce new products, build technology partnerships, maintain and grow customer partnerships and broaden its addressable market."
"Enteq is well-placed to find and take advantage of incremental opportunities in what will remain an essential market sector for the foreseeable future," he added.
Looking ahead, Enteq sees further stability in the oil & gas sector barring an unforeseen macroeconomic developments, with the company in a good position to capitalise.
Shares in Enteq, which does not currently pay a dividend, were 1.6% lower Wednesday morning at 30.00 pence each.
