20th Feb 2019 08:38
LONDON (Alliance News) - Shares in Enteq Upstream PLC rose on Wednesday as it said earnings and revenue for its current financial year are expected to be ahead of management forecasts.
Shares in the oilfield services equipment supplier rose 4% to 26.00 pence on Wednesday, having risen as high as 33.0p in early dealings.
Underlying earnings before interest, taxes, deprecation and amortisation for the year ending March 31 is set to be above Enteq's expectations, as is revenue for the period.
Revenue for the year is expected to grow by 50% from USD6.5 million the year before, implying annual revenue of around USD9.8 million. This is as revenue in the second half is set to be 25% higher than USD4.2 million generated in the first half.
With continued investment in its rental fleet and product development, Enteq expects its cash balance to be around USD11 million as at March 31, down from USD15.3 million the prior year.
Enteq will publish its full year results on June 12.
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