Enteq lifts expectations again after bumper second half

Oilfield services technology and equipment supplier Enteq Upstream announced a pre-close trading update ahead of its financial year ending 31 March on Wednesday, reporting that both full-year revenue and underlying EBITDA were expected to be “materially ahead” of its expectations.

The AIM-traded firm said that, further to its announcement on 8 January in which it indicated growth in both its international drilling sector, including geothermal), and in North America, it now expected that revenues in the second half would be up about 25% on the $4.2m reported in the first half.

It said full-year revenue growth would be approximately 50% up on the $6.5m reported in prior year.

“Enteq has continued investment in the expansion of the rental fleet, new technology partnerships and in internal new product development,” the board said in its statement.

“This will result in a cash balance expected to be around $11.0m at the year end, up from $15.3m.

“The balance sheet net assets at 31 March are expected to be approximately $23.3m, up from $23.6m.”

Enteq said its view was that the market remained stable, adding that it expected to report its full-year results for the year ended 31 March on 12 June.