Enteq revenues soar in second half

Oilfield services group Enteq Upstream expects revenue and underlying earnings from its soon to be wrapped up trading year to be "materially ahead of expectations".

Enteq now expects second half revenues to be approximately 25% higher than the $4.2m reported in the first six months of the trading year, while full-year revenues were expected to come in 50% higher than the $6.5m turned in a year earlier.

The AIM-listed group also revealed that its continued investment in the expansion of its rental fleet, new technology partnerships and internal new product development would leave it with a cash balance of around $11m at the year-end - a 28% reduction on the year ended 31 March 2018.

Net assets are expected to dip roughly 1.2% to $23.3m.

Enteq, which told investors it views that market as remaining "stable", will post its results for the year ended 31 March on 12 June.

As of 0840 GMT, Enteq shares were up 4% to 26p.