Notice of Results – Update
12 June 2020
Enteq Upstream plc
("Enteq" or the "Group")
Notice of Results - Update
Enteq, the oilfield services technology and equipment supplier, today announces that the publication of the Group's full year results for the year ended 31 March 2020 is subject to a two-week delay and will now be announced on 1 July 2020 (instead of the previously announced 17 June 2020). This is due to the additional time required by the Group's auditor, Grant Thornton UK LLP, to complete its work in a time of unprecedented uncertainty due to both COVID-19, the continuing unsettled markets for oil and gas drilling activity worldwide, and follows guidance from the FCA on corporate reporting timetables.
As announced in its trading update issued on 8 April 2020, Enteq's trading results for the year ended 31 March 2020 are still anticipated to be in-line with the Board's previously announced full-year expectations, with revenues in the region of $11m and Underlying Adjusted EBITDA* of around $3m. The cash balance as at 31 March 2020 remains unchanged at $10.2m ($11.9m as at 31 March 2019; $10.7m as at 30 September 2019) reflecting planned investments made during the year in the rental fleet, engineering projects and product development.
As previously announced, Enteq will include a significant non-cash write down in the carrying value of both the intangible assets (capitalised research and development projects) and inventory holdings in the final reported accounts for this period. The total balance sheet (non-cash) reduction in relation to these write downs is expected, subject to final review, to be approximately $6.9m.
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)207 597 5970
Chris Treneman, Patrick Robb, David Anderson
* Underlying EBITDA is defined as operating profit before depreciation, amortisation, provisions and exceptional items.
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