Enteq says profits 'materially ahead of expectations', ups guidance again
Oilfield services outfit Enteq saw better than anticipated trading in the tail end of the financial year, with earnings now expected to top previous estimates.
Enteq told investors on Wednesday that trading had been stronger than expected in the period between its previous update on 20 February and the end of its financial year on 31 March, with underlying EBITDA now looking set to be "materially ahead of the board's previously upwards revised expectations."
In addition to new business in North America, international sales continued to grow, with the AIM-listed firm now expecting to report revenues of approximately $10.0m.
Enteq's cash balance on the other hand declined 23% on the back of investments made in its rental fleet, engineering projects and product development.
"Within the relative stable current market, the board believes that this on-going investment strategy can result in further incremental opportunities," said Enteq.
As of 1100 BST, Enteq shares had shot up 24.49% to 30.50p.