Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEnteq Tech Regulatory News (NTQ)

Share Price Information for Enteq Tech (NTQ)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 9.00
Bid: 8.50
Ask: 9.50
Change: 0.00 (0.00%)
Spread: 1.00 (11.765%)
Open: 9.00
High: 9.00
Low: 9.00
Prev. Close: 9.00
NTQ Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Year-end Trading Update

7 Apr 2022 07:00

RNS Number : 5472H
Enteq Technologies PLC
07 April 2022
 

 

 

 

Enteq Technologies plc

("Enteq")

Year-end Trading Update

 

 

Enteq Technologies plc (AIM: NTQ.L) the energy services technology supplier is pleased to announce a trading update for the financial year ended 31 March 2022.

 

Market recovery has resulted in revenues above expectations and adjusted EBITDA1 in-line. SABER2 technology development continues to be on-track, with sufficient cash to take it through commercialisation in 2022.

 

Trading Update

The North American benchmark ("WTI") oil price per barrel rose from around $63 in April 2021, at the start of the financial year to around $92 in March 2022, with the North American active rig count steadily increasing throughout the year from 430 to approximately 670 in March 2022. International recovery in active rig count started to increase approximately six months after the North American market, as expected.

 

Enteq's reported revenue for the second half of the financial year will be in the region of $4.9m, a significant increase over the $2.3m achieved in the first half. Revenue for the full year ended 31 March 2022, will thus be in the region of $7.2m, ahead of the Board's previous expectations.

 

The international market (excluding China) started to recover in the second half of the financial year, with equipment being delivered to a new customer in Central Asia. Since the beginning of the hostilities towards Ukraine, Enteq has not been doing business with Russia, with minimal business impact. A delayed recovery in China has been offset by an increase in revenues from North American activity.

 

Adjusted EBITDA for the year is expected to be $0.3m, in-line with expectations. The gross margin reflects a sales mix now including an increase in revenues relating to third-party technology partnership agreements. The cash balance as at 31 March 2022 was $4.9m ($5.3m as of 30 September 2021, $8.1m as of 31 March 2021) reflecting the scheduled on-going investment in technologies throughout the year, primarily the SABER technology development.

 

 

Technology Investment

Testing has demonstrated that SABER's unique steering concept can generate sufficient steering forces to perform effectively. Therefore, this simple and lower cost to operate system has the potential to offer efficiency improvements and to disrupt the current market. The system has applications in geothermal, oil and gas and methane capture, with the oil and gas RSS market being over $1.9bn annually.

 

The SABER system is on-track for commercialisation during 2022, with existing resources in place to complete the remaining phase of the development project.

 

 

The Company expects to announce its results for the year ended 31 March 2022 on 6 July 2022.

 

 

Enteq Technologies plc +44 (0) 20 8087 2202

www.enteq.com 

Andrew Law, Chief Executive Officer

David Steel, Chief Financial Officer

 

finnCap Ltd (NOMAD and Broker) +44 (0) 20 7220 0500

Ed Frisby, Emily Watts, Tim Harper (Corporate Finance)

Andrew Burdis, Barney Hayward (ECM)

 

 

The financial information for FY22 included in this announcement is unaudited.

 

 

1 Adjusted EBITDA is reported profit before tax adjusted for interest, depreciation, amortisation, foreign exchange movements, performance share plan charges and exceptional items.

 

2 SABER (Steer-At-Bit Enteq Rotary Tool), a potential 'game changer' compared to current rotary steerable systems available, enables Enteq to enter the Rotary Steerable Drilling service market which has an estimated world-wide annual value of over $1.9bn in 2022, of which approximately 40% is accessible by the SABER Tool technology.

 

 

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTBKABKOBKDFQK
Date   Source Headline
8th Apr 20207:00 amRNSTrading Statement
24th Mar 20205:50 pmRNSBoard changes
18th Dec 201912:30 pmRNSUpdate on filing patent applications
14th Nov 20197:00 amRNSInterim Results
25th Sep 201912:59 pmRNSResult of AGM
25th Sep 20197:00 amRNSAGM Statement
10th Sep 201911:29 amRNSLicence Agreement with Shell for drilling tech
23rd Aug 201912:02 pmRNSHolding(s) in Company
14th Aug 201911:07 amRNSIssue of Equity
12th Jun 20197:00 amRNSFinal results for the year ended 31 March 2019
8th May 201911:05 amRNSNew Product Releases
17th Apr 20197:00 amRNSTrading Statement
14th Mar 20194:32 pmRNSIssue of Equity
5th Mar 201911:44 amRNSHolding(s) in Company
5th Mar 201911:39 amRNSHolding(s) in Company
5th Mar 201911:14 amRNSHolding(s) in Company
5th Mar 201910:56 amRNSHolding(s) in Company
20th Feb 20197:00 amRNSTrading Update
30th Jan 20192:43 pmRNSOil Capital Conference Presentation
8th Jan 20199:00 amRNSMarket Share and Internal Sales Appointment
11th Dec 201812:00 pmRNSNew commercial collaboration
5th Dec 20187:00 amRNSFiling of new patent
15th Nov 20188:46 amRNSCorrection: Interim Results
15th Nov 20187:00 amRNSInterim Results
26th Sep 20181:11 pmRNSResult of AGM
26th Sep 20187:00 amRNSAGM Trading Statement
18th Jul 20189:30 amRNSDirector/PDMR Shareholding
5th Jul 20183:36 pmRNSDirector/PDMR Shareholding
3rd Jul 20189:41 amRNSDirector/PDMR Shareholding
13th Jun 20187:00 amRNSFinal results for the year ended 31 March 2018
17th May 20187:00 amRNSHolding(s) in Company
16th May 201810:45 amRNSHolding(s) in Company
11th May 201810:53 amRNSHolding(s) in Company
8th May 20182:52 pmRNSHolding(s) in Company
2nd May 201811:42 amRNSHolding(s) in Company
18th Apr 20187:00 amRNSTrading Statement
15th Mar 201812:12 pmRNSExercise of Share Options
15th Mar 201810:33 amRNSNotification of Major Holdings
10th Jan 20185:32 pmRNSIssue of Equity
10th Jan 201810:33 amRNSAcquisition of IP
8th Dec 20178:31 amRNSContract award
15th Nov 20177:00 amRNSHalf-year Report
18th Oct 20173:15 pmRNSHolding(s) in Company
20th Sep 201711:40 amRNSHolding(s) in Company
19th Sep 20171:37 pmRNSResult of AGM
19th Sep 201712:00 pmRNSAGM Statement
4th Sep 20173:50 pmRNSIssue of Equity
17th Aug 20174:44 pmRNSDirector/PDMR Shareholding
11th Jul 20175:12 pmRNSIssue of Equity
23rd Jun 20172:55 pmRNSIssue of Equity

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.