14th Nov 2019 14:03
(Alliance News) - Drilling technology firm Enteq Upstream PLC on Thursday noted a pick-up in international business though activity in the US is easing.
Revenue for the first half ended September climbed 48% to USD6.5 million, with the pretax loss widening slightly to USD457,000 from USD351,000.
Adjusted earnings before interest, taxes, depreciation, and amortisation more than doubled to USD1.5 million from USD600,000 the year prior.
"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," said Martin Perry, Enteq's chief executive.
"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."
Enteq said international sales, which make up 40% of total revenue, increased during the half as it secured new customers in China, the Middle East, and Russia. A year ago, international business made up just 6% of revenue.
North America, which a year ago made up 94% of group revenue but now covers 64%, experienced a drop in the number of active drilling rigs during the half.
However, Houston-based Enteq is confident on meeting full-year expectations despite this.
Shares were 7.9% lower on Thursday afternoon in London at 28.00 pence each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Enteq Tech