logo-loader
viewEnteq Upstream PLC

Enteq Upstream confirms expectation beating first half revenue and earnings

“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 Upstream PLC - Enteq Upstream confirms expectation beating first half revenue and earnings
Enteq generated US$6.5mln of revenue in the first half

Enteq Upstream PLC’s (LON:NTQ) interim results confirmed significant growth in revenue and earnings, ahead of management expectations.

The company generated US$6.5mln of revenue in the six months ended 30 September, versus US$4.2mln in the same period a year before. Adjusted underlying earnings (EBITDA) amounted to US$1.5mln, up from US$600,000 in the first half of 2018.

"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 chief executive.

READ: Enteq says first half will beat expectations

“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.  Despite a recent drop in the number of active rigs drilling in North America, Enteq is optimistic for growth as new technology and markets are introduced," Perry added.

“The board is confident in meeting its full-year expectations," he concluded.

In its outlook, the company said: "Despite a recent drop in the number of active rigs drilling in North America, Enteq is optimistic for growth as new technology and markets are introduced." 

The company ended the first half with US$10.7mln of cash and other balances, and it noted that a continuing strong balance sheet enables further investment opportunities.

Latest Proactive Research: Enteq Upstream - Expansion strategy drives strong interim results

Proactive analyst Ed Stacey said the results reflected "the company's strategic initiative to increase international revenues", which he expected to continue to grow going forward.

He added that Enteq's new technology investments were expected to "contribute strongly to revenue growth in the period 2020-2022".

In late-afternoon trading on Thursday, Enteq's shares were 3% lower at 29.5p.

--Adds Proactive research comment and share price--

Quick facts: Enteq Upstream PLC

Price: 27 GBX

AIM:NTQ
Market: AIM
Market Cap: £17.68 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Enteq Upstream PLC named herein, including the promotion by the Company of Enteq Upstream PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Enteq Upstream PLC's international strategy 'delivering real results'

Proactive Research analyst Ed Stacey gives his view on Enteq Upstream PLC's (LON:NTQ) interim results to September 2019 which saw revenues increasing 58% and adjusted underlying earnings (EBITDA) up 143% year-on-year. Stacey says major new customer wins in China reflect the company's...

3 weeks, 2 days ago

2 min read