Last checked at 20 Feb 2019 07:00
20 February 2019
Enteq Upstream plc
("Enteq" or the "Company")
Trading Update
Enteq, the oilfield services technology and equipment supplier, today announces a pre-close trading update ahead of its financial year ending 31 March 2019.
The Board is pleased to report that both full year revenue and underlying EBITDA1 are expected to be materially ahead of its expectations.
Further to the announcement dated 8 January 2019, indicating growth in both our International drilling sector (including geothermal) and in North America, the Board now expects that revenues in the second half will be up approximately 25% on the $4.2m reported in the first half year, with the full year revenue growth approximately 50% up on the $6.5m reported in the year to 31 March 2018.
Enteq has continued investment in the expansion of the rental fleet, new technology partnerships and in internal new product development. This will result in a cash balance expected to be around $11.0m at the year end (31 March 2018: $15.3m). The balance sheet net assets2 at 31 March 2019 are expected to be approximately $23.3m (31 March 2018: $23.6m).
Enteq's view is that the market remains stable.
The Company expects to report its full year results for the year ended 31 March 2019 on 12 June 2019.
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)207 597 5970
Chris Treneman, Patrick Robb
David Anderson, George Price
1 Underlying EBITDA is defined as operating profit before depreciation, amortisation, provisions and exceptional items.
2 The only intangible assets within net assets relates to internal product development.