Enteq Upstream (AIM:NTQ) – interim results offer promise for the future
The oil & gas drilling technology company released interim results for the six months ending 30th September 2013 with a huge amount of excellent narrative to educate and inform potential investors.
While the results in isolation won’t look that promising to some (losses never go down well!), the business is still in the development stage and performance actually reflects significant improvement in many areas with revenue up significantly and load of cash still available to support growth. Half year revenues were US$10.6m (Sept 2012: $5.3m) with EBITDA in the Drilling Tools Division US$2.3m (Sept 2012: $1.6m). The loss before tax was US$2.5m (Sept 2012: $3.5m) and there remained a healthy cash pile of $21.3m at 30 September 2013. The latter was down from the cUS$24m at 31st March 2013 following continued…