Enteq Upstream: Positioned for resilience, opportunity for big growth
Enteq Upstream PLC (LON:NTQ) has released full-year (FY) results for the year-end March 2020 with commentary on the ongoing trading environment. The company reported revenues of around US$10.9mln, underlying adjusted EBITDA (earnings before tax interest depreciation and amortisation) of US$3.1mln, and a year-end positive net cash balance of US$10.2mln, all of which are in line with a trading update released in April.
Geographically the company reported North American revenues at US$7.7mln (FY Mar 2019: US$9.2mln) reflecting already softening conditions pre-COVID. Overseas revenues rose strongly to US$3.2mln (versus US$1mln the year before) led by new business in China. In its previous update, the company stated that overseas revenues were expected to show more resilience near-term than North America, and our reading of the earnings release is that this resilience remains intact.
Quick facts: Enteq Upstream PLC
Price: 14 GBX
Market Cap: £9.44 m
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