Interim results for the six months ended 30 September 2015
AIM traded Enteq Upstream plc ('Enteq', the 'Company' or the 'Group'), the oil & gas drilling technology company, today releases its interim results for the six months ended 30 September 2015.
Oil price and North American rig count reduced by over 50% since September 2014
Overhead run-rate reduced by approximately 50% in same time period
Half-on-half revenues continued to decline reflecting rig count reduction
Cash balance, at 30 September 2015, increased to $14.5m
Financial MetricsSix months to:
30 Sept 2015 US$m
30 Sept 2014 US$m
3.0
13.6
0.4 loss
1.0
1.3
2.2
2.5 loss
1.3
14.5
13.8
Revenue
Consolidated adjusted EBITDA1
Loss before tax
Adjusted earnings per share (cents)2
Cash
OutlookOil price and North American rig count expected to remain depressed until at least 2017
Spare equipment capacity in market continues to depress demand for Enteq products
'Enteq's reported results mirror recent announcements from other major oil-field service companies. As expected, Enteq's revenues and profits have suffered due to the scale of the industry down-turn. In addition to the decisive internal cost reduction programme reported in our March 2015 full year results, further reductions have been made during H1 2015/16. As a result, we have improved our cash balance since March 2015 and now operate at close to a break-even adjusted EBITDA level. The Group continues to explore opportunities to expand market share outside North America and to maintain a strong technology offering.'
1 Adjusted EBITDA is reported profit before tax adjusted for interest, depreciation, amortisation, foreign exchange movements, performance share plan charges and exceptional items.
2 Adjusted earnings per share is reported profit per share adjusted for foreign exchange movements, amortisation, performance share plan charges and exceptional items.
David Steel, Finance Director
distributed by |