17th Apr 2019 09:43
LONDON (Alliance News) - Shares rose in Enteq Upstream PLC on Wednesday as it guided for earnings for its recently ended financial year to be ahead of management expectations.
Shares in the oilfield services equipment supplier were 15% higher at 28.10 pence.
For the year to the end of March, underlying earnings before interest, taxes, depreciation and amortisation are set to be above management expectations, due to new business in North America, and growth in International sales.
In addition, revenue for the year is forecast to be USD10 million, a 54% increase from USD6.5 million reported the year before.
Enteq's cash balance as at March 31 was USD11.9 million compared to USD15.5 million the sale date the prior year, reflecting investments made in the rental fleet, engineering projects and product development.
Enteq will publish its annual results on June 19.
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