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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