News blog

Enteq Resources

• BY: Andrew Hore |
• POSTED: 16/04/2014 |

Oilfield services equipment supplier Enteq Upstream has achieved underlying growth in its operations but it is writing down goodwill and intangible asset values.

In the year to March 2014, trading was in line with expectations. Revenues were $24m and EBITDA $1.9m. A higher proportion of bought-in components has hit margins.

The North American operations are still subdued and that is why the intangible asset valuations will be reduced by around $12m. The focus for growth is Asia.

A profit of $1.3m is forecast for 2013-14, rising to $2.3m the following year – the previous figure was $5.6m. 

At 36p a share, down 6.5p, Enteq is valued at £21.2m. The year end cash balance will be around $19m (£11.7m). This figure should remain stable unless Enteq invests in more rental units.

The full year figures will be published in June.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2014_55.pdf