ADES Intnl Holding - Notice of Results & Trading Update
For the purpose of the Transparency Directive the Home Member state of the issuer is the
H1 2019 Notification of Results
Notice of Results & Trading Update
H1 2019 Highlights
· Revenue increased to
· EBITDA increased to approximately
· Cash and Cash Equivalents stood at
· In H1 2019, the Group secured new banking facilities and undertook a successful maiden 5-year bond issue which provided additional liquidity, headroom and financial flexibility. Additionally, to support business growth post acquisition, ADES replaced the Letters of Guarantee associated with the Weatherford rigs. Due to these factors, finance charges (on a recurring basis) will be higher on a full year basis than expected. H1 2019 recurring finance charges for the Group are approximately
"ADES delivered a strong operational performance in the first half of the year. Our results were driven by the increasing contributions from the newly acquired rigs and were further supported by the steady ramp up of utilisation rates. We will provide further detail alongside our interim results in September. We expect the trend to continue into H2 2019 and as a consequence we expect our trading performance to be in line with the Board's expectations for the full year, although the higher finance charges will have a modest impact on the overall outturn for the financial year.
We have also strengthened our balance sheet in the last six months with ample liquidity for our future growth requirements. The Group's optimized capital structure is now securely in place which is sufficient to support further growth requirements. As a result, we do not expect any further borrowings".
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Investor Relations Officer
+971 4355 0255
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+44 (0)20 7457 2020
ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the
LSE: ADES INT.HDG
Shares Outstanding: 43.8 million
This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as "according to estimates", "aims", "anticipates", "assumes", "believes", "could", "estimates", "expects", "forecasts", "intends", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "should", "to the knowledge of", "will", "would" or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group.
Forward-looking statements reflect the current views of the Group's management ("Management") on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause the Group's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.
The Group's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Group does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.
This information is provided by RNS, the news service of the
Quick facts: ADES International Holding PLC
Market Cap: $508.06 m
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