24th Feb 2020 11:04
(Alliance News) - ADES International Holding PLC on Monday said it expects a sharp improvement in its earnings in 2019, but did not disclose why.
The oil & gas drilling and production services provider said its revenue more than doubled in 2019 to USD477.8 million from USD205.6 million a year earlier, with earnings before interest, taxes, depreciation and amortisation up by 86% to USD188 million form USD101.1 million.
ADES International said its backlog increased to USD1.3 billion as the end of 2019 compared to USD1.2 billion at the end of 2018. The company said it has sustained the increase seen during the year.
Net debt stood at USD606 million at December 31 compared to USD616.9 million as at the end of September 2019. The company said it expects to continue to deliver further improvements in its net debt position during 2020.
ADES International said it will report its 2019 results on March 30.
The stock was flat in London on Monday at USD12.00 a share.
By Evelina Grecenko; [email protected]
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