Enteq Upstream updates on cash balance
Enteq Upstream, the oilfield services technology and equipment supplier, updated its cash balance for the year ended 31 March 2015.
Enteq Technologies
8.75p
16:55 20/09/24
FTSE AIM All-Share
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Oil Equipment, Services & Distribution
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16:30 13/09/24
The second half of Enteq's financial year ending 31 March 2015 was difficult like for most drilling-related services businesses.
The company is still positive with a cash balance on 31 March 2015 of $14.1m, which is higher than $13.8m in 30 September 2014.
Enteq will be making reductions until the drilling market stabilises. A non-cash charge for goodwill impairment will be taken for potential bad debts of $800,000.
Full-year results for the year ended 31 March 2015 will be announced on 16 June 2015. Enteq stock had their “hold” rating reiterated by analysts at FinnCap.
As of 16:19 the shares were flat at 17p.