Last checked at 17 Apr 2019 07:00
17 April 2019
Enteq Upstream plc
("Enteq" or the "Company")
Year-end Trading Update
Enteq, the oilfield services technology and equipment supplier, today announces an update for the financial year ended 31 March 2019.
The Board is pleased to report that trading has been stronger than anticipated in the period between the previous update issued on 20 February 2019 and the financial year end. Underlying EBITDA* is now expected to be materially ahead of the Board's previously upwards revised expectations. In addition to new business in North America, International sales have continued to grow. The Board expects to report revenue for the year ended 31 March 2019 of approximately $10.0 million.
The cash balance as of 31 March 2019 was $11.9m, compared to $15.5m as at 31 March 2018 reflecting investments made in the rental fleet, engineering projects and product development.
Within the relative stable current market, the Board believes that this on-going investment strategy can result in further incremental opportunities.
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
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* Underlying EBITDA is defined as operating profit before depreciation, amortisation, provisions and exceptional items.