Enteq Upstream PLC Trading Update (5222Q)
February 20 2019 - 2:00AM
UK Regulatory
TIDMNTQ
RNS Number : 5222Q
Enteq Upstream PLC
20 February 2019
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 EBITDA(1) 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 assets(2) 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.
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END
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