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Enteq Technologies pretax loss narrows amid rising drilling activity

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(Alliance News) – Enteq Technologies PLC said on Wednesday its pre-tax loss narrowed in the first half of fiscal 2022, following an increase in drilling activity in North America.

Enteq, based in Ascot, England, is a supplier of energy services equipment and technology.

Enteq’s pre-tax loss narrowed to $766,000 in the six months to September 30 from $1.2 million in the first half of fiscal 2021.

Revenue more than doubled, from $2.3 million to $4.9 million, due to the “stable” price of West Texas Intermediate, a barrel of crude oil.

The proportion of international revenue is 3%, compared to 28% in the first half of fiscal 2021 and 9% in the second half of fiscal 2021. Enteq said the continued decline is due to international markets being slower to react to rising prices and continued lockdowns in China.

Looking ahead, Enteq said the use of the rotary steerable system is increasing and the market needs additional competition.

Shares of Enteq rose 24% to 10.50 pence apiece on Wednesday afternoon in London.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

Copyright 2022 Alliance News Limited. All rights reserved.

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