Stable North American Market Drives Revenues at Enteq
UK-based oilfield products and technologies supplier Enteq Upstream reported Wednesday that it expects to report adjusted earnings of approximately $1.9 million on revenues of around $24 million for the year to March 31. The firm said that this would represent 25-percent growth over the previous year's revenue.
Enteq said that revenues during the year were predominantly generated in North America, where the drilling equipment markets have stabilized. The firm said it continues to internationalize its business and in the last year it established sales channels into Russia, China and the Middle East.
Meanwhile, Enteq continues to invest in enhancing its drilling product line and technology. The firm has a cash balance of approximately $19 million to support this.
Enteq CEO Martin Perry commented in a company statement:
"Enteq has met financial expectations for the year ended March 2014 and maintains a strong cash balance.
"In a more stable North American market and through investment in internal product development, international business expansion and strategic new technologies we expect to maintain margins with similar levels of revenue growth and incremental cash generation."
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