(Alliance News) - Enteq Technologies PLC on Wednesday said its pretax loss narrowed in the first half of financial 2022, following an increase in North American drilling activity.
Ascot, England-based Enteq is an energy services technology and equipment supplier.
Enteq's pretax loss narrowed to USD766,000 in the six months to September 30, from USD1.2 million in the first half of financial 2021.
Revenue more than doubled to USD4.9 million from USD2.3 million, due to "stability" in the price of West Texas Intermediate, a crude oil barrel.
The proportion of international revenue is 3%, down from 28% in the first half of financial 2021 and 9% in the second half of financial 2021. Enteq said the ongoing decline is because international markets have been slower to respond to higher prices and ongoing China lockdowns.
Looking ahead, Enteq said rotary steerable system usage is increasing, and the market needs additional competition.
Enteq shares rose 24% to 10.50 pence each on Wednesday afternoon in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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Enteq Tech (NTQ)