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Enteq Upstream boasts of substantial growth as revenues rise 57%

"Enteq has seen substantial positive growth and a return to real profitability in the last year,” said chief executive Martin Perry.
oil and gas operations
Market conditions provide encouragement for 'cautious optimism’

Enteq Upstream PLC (LON:NTQ) boasted substantial growth in the twelve months ended 31 March 2019.

The oil and gas drilling technology group, in its financial results statement, highlighted revenue growth of 57%, generating US$10.2mln in the year versus US$6.5mln in the preceding twelve months.

Earnings (adjusted EBITDA) was reported at US$2.5mln, up from US$0.2mln a year before, while the company reported a narrowed post tax loss of US$0.1mln compared to US$0.6mln in 2018.

READ: Enteq Upstream on the front foot as rig activity rebounds

Giving its outlook on the current period the company noted market stability and said that the present oil price ‘encourages cautious optimism’.

"As a result of the board's prudent strategy of cash management, combined with focused investment, Enteq has seen substantial positive growth and a return to real profitability in the last year,” said Martin Perry, Enteq chief executive.

“The company now has a strong base from which to introduce new products, build technology partnerships, maintain and grow customer partnerships and broaden its addressable market.

“Enteq is well-placed to find and take advantage of incremental opportunities in what will remain an essential market sector for the foreseeable future."

The company highlighted that it is continuing its investments into new technology, meanwhile its rental fleet sees new opportunities in North America. It also noted that new customers are poised for increased activity in the field.

Enteq ended March with US$11.9mln of cash, and, highlighted that its strong balance sheet allows for further investment opportunities.

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