Enteq Upstream PLC – Results for the year ended 31 March 2019

Enteq Upstream PLC – Results for the year ended 31 March 2019

AIM traded Enteq Upstream plc, the oil and gas drilling technology company, today announces its financial results for the year ended 31 March 2019. 

Key Highlights

  • Significant growth in revenue (57%) and adjusted EBITDA1
  • Adjusted EBITDA1 margin at 24%
  • Positive adjusted earnings2
  • Growth in both North American and International markets
  • Increased investment in new technologies and rental fleet

Financial metrics         

Years ended 31 March:                                                          

2019

2018

Revenue

$10.2m

$6.5m

Adjusted EBITDA1         

$2.5m

$0.2m

Post tax loss for the period            

$0.1m

$0.6m

Adjusted earnings2

$0.0m

$(0.5)m

Post tax loss per share

0.2 cents

1.0 cents

Cash balance   

$11.9m

$15.5m

Outlook

  • Current market stability and oil price encourages cautious optimism
  • On-going investment in new technology and rental fleet continues to create new opportunities in North America
  • New customers poised for increased activity in international markets
  • Strong balance sheet enables further investment opportunities

Martin Perry, CEO of Enteq Upstream plc, commented:

“As a result of the Board’s prudent strategy of cash management, combined with focused investment, Enteq has seen substantial positive growth and a return to real profitability in the last year.

 The company now has a strong base from which to introduce new products, build technology partnerships, maintain and grow customer partnerships and broaden its addressable market.

Enteq is well-placed to find and take advantage of incremental opportunities in what will remain an essential market sector for the foreseeable future.”

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