LONDON (Alliance News) - Enteq Upstream PLC Wednesday said that it met financial expectations for the financial year just ended, with an increase in both earnings and revenue.
The oilfield services technology and equipment supplier said it maintains a strong cash balance, and expects to report adjusted earnings before interest, taxes, depreciation, amortisation, foreign exchange movements and exceptional items, of around USD1.9 million for the year ended March 31.
Enteq said that revenues for the year will be around USD24 million, driven by North America, where it said the drilling equipment markets have stabilised.
On the back of this, the company gave a positive outlook for the year ahead.
"In a more stable North American market and through investment in internal product development, international business expansion and strategic new technologies we expect to maintain margins with similar levels of revenue growth and incremental cash generation," said Chief Executive Martin Perry in a statement.
Enteq said that in the financial year just ended, it established sales channels into Russia, China and the Middle East.
The company said it ended the year with around USD19 million in cash, which it will use to invest in enhancing its drilling product line and technology.
Enteq Upstream shares were down 13.4% at 36.80 pence per share Wednesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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