Enteq Upstream PLC – Interim Results

Enteq Upstream PLC – Interim Results

AIM traded Enteq Upstream plc (“Enteq”, the “Company” or the “Group”), the Oil & Gas drilling technology company, today announces its interim results for the six months ended 30 September 2019.

Key features

·   Significant growth in revenue (58%) and adjusted EBITDA* (143%), ahead of management’s prior expectations 

·   Adjusted EBITDA1 margin at 23% (September 2018: 15%)

·   Growth in both North American and International revenues

·   International revenues up to 36% of first half year total (September: 2018: 6%)

·   Technology partnerships creating pull through for Enteq sales

·   Exclusive agreement with Shell for innovative Directional Drilling technology

 

Financial metrics

                                                                                                      6 Months ended 30 September:

2019

2018

US$m

US$m

·   Revenue

6.5

4.2

·   Adjusted EBITDA1     

1.5

0.6

·   Post tax loss for the period  

0.5

0.4

·   Adjusted loss per share (cents) 2     

0.4

0.4

·   Cash balance           

10.7

11.8

Outlook

·   North American market requires long term stability of oil production, but has short term rig count reduction

·   International markets show increase in demand for Enteq equipment

·   New technology agreements, including with Shell, broaden the markets that can be addressed by Enteq

·   Continuing strong balance sheet enables further investment opportunities

 

Martin Perry, CEO of Enteq Upstream plc, commented:

“Enteq has delivered progressive growth, both in revenue and adjusted EBITDA, for the third successive first half reporting period, with a particularly strong performance from international sales.   Investment continues to be made into both new technology and strategic opportunities with the recent exclusive technology agreement with Shell significantly broadening the potential for Enteq.  

“Despite a recent drop in the number of active rigs drilling in North America, Enteq is optimistic for growth as new technology and markets are introduced.   The board is confident in meeting its full year expectations.”

No Comments

Post a Comment