TIDMNTQ
RNS Number : 3352T
Enteq Upstream PLC
14 November 2019
Enteq Upstream plc
Interim results for the six months ended 30 September 2019
AIM traded Enteq Upstream plc ("Enteq", the "Company" or the
"Group"), the Oil & Gas drilling technology company, today
announces its interim results for the six months ended 30 September
2019.
Key features
-- Significant growth in revenue (58%) and adjusted EBITDA(*)
(143%), ahead of management's prior expectations
-- Adjusted EBITDA(1) margin at 23% (September 2018: 15%)
-- Growth in both North American and International revenues
-- International revenues up to 36% of first half year total (September: 2018: 6%)
-- Technology partnerships creating pull through for Enteq sales
-- Exclusive agreement with Shell for innovative Directional Drilling technology
Financial metrics
6 Months ended 30 September:
2019 2018
US$m US$m
* Revenue 6.5 4.2
* Adjusted EBITDA(1) 1.5 0.6
* Post tax loss for the period 0.5 0.4
* Adjusted loss per share (cents) (2) 0.4 0.4
* Cash balance 10.7 11.8
Outlook
-- North American market requires long term stability of oil
production, but has short term rig count reduction
-- International markets show increase in demand for Enteq equipment
-- New technology agreements, including with Shell, broaden the
markets that can be addressed by Enteq
-- Continuing strong balance sheet enables further investment opportunities
Martin Perry, CEO of Enteq Upstream plc, commented:
"Enteq has delivered progressive growth, both in revenue and
adjusted EBITDA, for the third successive first half reporting
period, with a particularly strong performance from international
sales. Investment continues to be made into both new technology and
strategic opportunities with the recent exclusive technology
agreement with Shell significantly broadening the potential for
Enteq.
"Despite a recent drop in the number of active rigs drilling in
North America, Enteq is optimistic for growth as new technology and
markets are introduced. The board is confident in meeting its full
year expectations."
For further information, please contact:
Enteq Upstream plc +44 (0) 1494 618739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (Nomad and Broker) +44 (0) 20 7597 5970
Chris Treneman, Patrick Robb, David Anderson
(1) Adjusted EBITDA is reported profit before tax adjusted for
interest, depreciation, amortisation, foreign exchange movements,
performance share plan charges and exceptional items.
(2) Adjusted earnings per share is reported profit per share
adjusted for foreign exchange movements, amortisation, performance
share plan charges and exceptional items.
Interim Report
CHAIRMAN & CHIEF EXECUTIVE OFFICER'S REPORT
Market Update
Enteq Upstream supplies Measurement While Drilling (MWD)
equipment to drilling companies in the oil, gas and geothermal
industries. The equipment enables the well-bore to be accurately
positioned and assists in optimising the efficiency of drilling and
production operations.
During the six-month reporting period ended 30 September 2019,
the price of West Texas Intermediate Crude oil ("WTI") averaged
around US$58 per barrel (closing the period at US$53). During the
same period the North American rig count reduced from approximately
1,030 to 850 rigs, but the international market remains strong with
good medium-term prospects.
Enteq's market share has been maintained in North America,
despite reductions in the rig count, through the Group's on-going
rental programme with the number of rental Measurement While
Drilling systems deployed during the period remaining steady at 31
kits (30 September 2018: 24 kits). This business model both secures
long-term market share and maintains Enteq's position as a major
equipment supplier within the MWD system sector.
International sales, being those outside North America,
increased, becoming approximately 40% of total revenue, compared to
approximately 10% in the second half of the financial year ended 31
March 2019 and approximately 6% in the six months period before
that. New customers have been secured in China, Middle East and
Russia, through Enteq's reputation for reliable, technically
advanced, equipment that operates in harsh, high temperature
conditions.
Recently announced technology partnerships and licensing
arrangements, including an agreement with Shell, have enabled Enteq
to broaden its addressable Logging While Drilling and Directional
Drilling (steering) markets. The total Directional Drilling service
market world-wide is estimated to be worth $10bn per annum.
Operations
All the core engineering, manufacturing and distribution
functions continue to operate from the Enteq owned facility in
South Houston, Texas, with some contract engineering being carried
out in the UK.
At the end of September 2019, Enteq employed a total of 35
staff, compared with 33 at end of March 2019. Contract engineering
and support staff are retained as needed for specific projects.
Continued investment in technology
The 'At-Bit' technology, a result of a collaboration with
Houston based firm Well Resolutions Technology, is now
commercialised and has resulted in pull through sales, primarily in
China.
The in-house development of PowerHop, the patented wireless
down-hole connection system, has been successfully demonstrated to
a number of potential customers. It has attracted significant
interest, particularly in International markets for connectivity
with 3(rd) party Logging While Drilling equipment.
The exclusive license signed during the period with Shell to
commercialise their Rotary Steerable System technology represents a
significant medium/ long-term revenue creating opportunity. The
Rotary Steerable drilling market is currently estimated at $1bn.
Enteq has embarked on a two to three-year project to convert the
Shell technology into a fully operational system, requiring a total
investment in the order of US$2m. The final product will offer the
market a unique and differentiated solution for positioning a well
whilst drilling.
Overview of results
The first half year revenue of US$6.5m represents a rise of 58%
over the US$4.2m for the first half of last year, and a 8% rise
over the second half of the year ended 31 March 2019.
The North American market continues to be Enteq's most important
geographical market, representing 64% of first half revenues
(September 2018: 94%). Enteq's sales in the international market
have grown significantly in the last six months, primarily through
extending the Group's customer base in China. The international
market represented 36% of the first half year revenue (September
2018: 6%).
The equipment rental market revenue continues to show good
growth, up from US$1.6m in the first half of last year to US$2.6m
in this reporting period (US$2.1m in the second half of the year
ended 31 March 2019). This growth reflects the on-going investment
in the rental fleet standing at 31 kits as at September 2019 (24
kits as at September 2018). During this reporting period a further
three kits were added to the fleet, at a cost of $0.7m, which
balanced the three kits that came to the end of their rental
contract. The carrying value of these kits were fully depreciated
by the end of their contract and their title passed to the renter
when the final rental payment was made.
The Group's reported gross margin of 55% in the first half of
this year was down on the 62% achieved for the six months to 30
September 2018. This was due to the current half year having a
higher proportion of International sales which, due to their higher
average ticket price, achieve slightly lower margins. In addition,
due to the weakening of the North American market, the first half
year results included a provision against certain projected
slow-moving stock lines.
In the six months to 30 September 2019 the administrative
expenses before amortisation, depreciation and long-term incentive
scheme charges were US$2.1m. This is in line with the equivalent
overhead figures in both the first and second half of the last
financial year.
A combination of all the above results in an adjusted EBITDA
profit in the period of US$1.5m, a strong progression from the
$0.6m for the period ended 30 September 2018. A reconciliation
between the reported loss and the adjusted EBITDA is shown in note
5 to the Financial Statements below.
Cash balance and cashflow
As at 30 September 2019 the Group had a cash balance of
US$10.7m, down US$1.2m over the figure as at 31 March 2019.
The half year cash movement can be analysed as follows:
US$m
Adjusted EBITDA 1.5
Decrease in trade and other receivables -
Decrease in trade and other payables (0.7)
Increase in inventory (0.8)
Operational cashflow -
Increase in the rental fleet (0.7)
R&D expenditure (0.7)
Capex (0.1)
Other items 0.3
----------------------------------------- --------------
Net cash movement (1.2)
Cash balances as at 1 April 2019 11.9
----------------------------------------- --------------
Cash balances as at 30 September 2019 10.7
========================================= ==============
The decrease in trade and other payables resulted from the
timing of net payments to trade creditors, post period end, plus
payments relating to the all staff bonus scheme for the year ended
31 March 2019. The increase in inventory includes US$0.6m of
deliveries of long lead time sensors. The $0.7m spent on the rental
fleet relates to the new kits put into the fleet, as previously
mentioned. The $0.7m spent on R&D relates to the proportion of
the engineering team relating to development of future products
including PowerHop.
Summary and outlook
Enteq has delivered progressive growth, both in revenue and
adjusted EBITDA, for the third successive first half reporting
period, with a particularly strong performance from international
sales. Investment continues to be made into both new technology and
strategic opportunities, with the recent exclusive technology
agreement with Shell significantly broadening the potential for
Enteq.
Despite a recent drop in the number of active rigs drilling in
North America, Enteq is optimistic for growth as new technology and
markets are introduced. The board is confident in meeting its full
year expectations.
Martin Perry Iain Paterson
Chief Executive Chairman
Enteq Upstream plc
14 November 2019
Enteq Upstream plc
Condensed Consolidated Income Statement
Six months Six months Year to
to 30 to 30 31 March
September September 2019
2019 2018
Unaudited Unaudited Audited
Notes US$ 000's US$ 000's US$ 000's
Revenue 6,546 4,152 10,204
Cost of Sales (2,950) (1,581) (3,546)
Gross Profit 3,596 2,571 6,658
Administrative expenses before
amortisation (4,020) (2,943) (6,952)
Amortisation of acquired intangibles 9b (148) (60) (116)
Other exceptional items (2) (2) (7)
Foreign exchange (loss)/gain
on operating activities (25) (28) 6
----------- ----------- ----------
Total Administrative expenses (4,195) (3,033) (7,069)
Operating loss (599) (462) (411)
Finance income 142 111 246
Loss before tax (457) (351) (165)
Tax expense 8 - - 67
Loss for the period 5 (457) (351) (98)
========================================= ====== =========== =========== ==========
Loss attributable to:
Owners of the parent (457) (351) (98)
========================================= ====== =========== =========== ==========
Earnings/loss per share (in
US cents): 7
Basic (0.7) (0.6) (0.2)
Diluted (0.7) (0.6) (0.2)
Adjusted earnings per share
(in US cents): 7
Basic (0.4) (0.4) -
Diluted (0.4) (0.4) -
Condensed Consolidated Statement
of Comprehensive Income
Year
Six months Six months to 31
to 30 September to 30 September March
2019 2018 2019
Unaudited Unaudited Audited
US$ 000's US$ 000's US$ 000's
Loss for the period (457) (351) (98)
Other comprehensive income
for the period:
Items that will not be reclassified
subsequently to profit or loss - - -
Items that will be reclassified
subsequently to profit or loss - - -
Total comprehensive income
for the period (457) (351) (98)
--------------------------------------- ----------------- ----------------- --------------
Total comprehensive income
attributable to:
--------------------------------------- ----------------- ----------------- --------------
Owners of the parent (457) (351) (98)
--------------------------------------- ----------------- ----------------- --------------
Enteq Upstream plc
Condensed Statement of Financial
Position
30 September 30 September
2019 2018 31 March 2019
Unaudited Unaudited Audited
Notes US$ 000's US$ 000's US$ 000's
Assets
Non-current
Goodwill 9a - - -
Intangible assets 9b 2,940 1,657 2,394
Property, plant and
equipment 2,487 2,506 2,446
Rental fleet 2,489 2,963 3,449
Trade and other receivables - 168 334
------------------------------- ------ ----------------- ----------------- --------------
Non-current assets 7,916 7,294 8,623
------------------------------- ------ ----------------- ----------------- --------------
Current
Trade and other receivables 2,347 3,043 2,020
Inventories 5,301 3,989 4,512
Cash and cash equivalents 10,662 11,848 11,930
------------------------------- ------ ----------------- ----------------- --------------
Current assets 18,310 18,880 18,462
------------------------------- ------ ----------------- ----------------- --------------
Total assets 26,226 26,174 27,085
------------------------------- ------ ----------------- ----------------- --------------
Equity and liabilities
Equity
Share capital 10 1,028 1,003 1,005
Share premium 91,579 91,334 91,398
Share based payment
reserve 866 700 750
Retained earnings (69,562) (69,702) (69,105)
------------------------------- ------ --------------
Total equity 23,911 23,335 24,048
------------------------------- ------ ----------------- ----------------- --------------
Liabilities
Current
Trade and other payables 2,315 2,839 3,037
------------------------------- ------ ----------------- ----------------- --------------
Total equity and
liabilities 26,226 26,174 27,085
------------------------------- ------ ----------------- ----------------- --------------
Enteq Upstream plc
Condensed Consolidated Statement of Changes
in Equity
Six months to 30 September 2019
Share
Called
up Profit based
share and loss Share payment Total
capital account premium reserve equity
US$ 000's US$ 000's US$ 000's US$ 000's US$ 000's
Issue of share capital 23 - 181 - 204
Share based payment
charge - - - 116 116
---------- ----------
Transactions with owners 23 - 181 116 320
------------------------------ ---------- ---------- ---------- ---------- ----------
Loss for the period - (457) - - (457)
Total comprehensive
income - (457) - - (457)
------------------------------ ---------- ---------- ---------- ---------- ----------
Movement in period: 23 (457) 181 116 (137)
As at 1 April 2019 (audited) 1,005 (69,105) 91,398 750 24,048
As at 30 September 2019
(unaudited) 1,028 (69,562) 91,579 866 23,911
------------------------------ ---------- ---------- ---------- ---------- ----------
Six months to 30 September 2018
Share
Called
up Profit based
share and loss Share payment Total
capital account premium reserve equity
US$ 000's US$ 000's US$ 000's US$ 000's US$ 000's
Issue of share capital 20 - 303 - 323
Share based payment
charge - - - (210) (210)
---------- ----------
Transactions with owners 20 - 303 (210) 113
------------------------------ ---------- ---------- ---------- ---------- ----------
Loss for the period - (351) - - (351)
Total comprehensive
income - (351) - - (351)
------------------------------ ---------- ---------- ---------- ---------- ----------
Movement in period: 20 (351) 303 (210) (238)
As at 1 April 2018 (audited) 983 (69,351) 91,031 910 23,573
As at 30 September 2018
(unaudited) 1,003 (69,702) 91,334 700 23,335
------------------------------ ---------- ---------- ---------- ---------- ----------
Enteq Upstream plc
Condensed Consolidated Statement of Cash
flows
Six months Six months Year
to to to
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
US$ 000's US$ 000's US$ 000's
Cash flows from operating activities
Loss for the period (457) (351) (98)
Tax charge - - (67)
Net finance income (142) (111) (246)
(Gain)/loss on disposal of fixed
assets - (9) (9)
Share-based payment non-cash charges 116 (206) 186
Impact of foreign exchange movement 25 28 (6)
Depreciation and Amortisation charges 1,934 1,200 2,691
1,476 551 2,451
Tax paid - - -
(Increase)/decrease in inventory (787) (687) (1,210)
Decrease/(increase) in trade and
other receivables 5 (872) (14)
(Decrease)/increase in trade and
other payables (720) (459) (197)
Net cash from operating activities (26) (1,467) 1,030
------------------------------------------ -------------- -------------- ----------
Investing activities
Purchase of tangible fixed assets (127) (203) (213)
Increase in rental fleet assets (743) (1,903) (3,754)
Disposal proceeds of tangible fixed
assets - 9 9
Purchase of intangible fixed assets (693) (495) (1,286)
Interest received 142 111 246
------------------------------------------ -------------- -------------- ----------
Net cash from investing activities (1,421) (2,481) (4,998)
------------------------------------------ -------------- -------------- ----------
Financing activities
Share issue 204 323 391
------------------------------------------ -------------- -------------- ----------
Net cash from financing activities 203 323 391
------------------------------------------ -------------- -------------- ----------
Increase/(decrease) in cash and cash
equivalents (1,243) (3,625) (3,577)
Non-cash movements - foreign exchange (25) (28) 6
Cash and cash equivalents at beginning
of period 11,930 15,501 15,501
Cash and cash equivalents at end
of period 10,662 11,848 11,930
------------------------------------------ -------------- -------------- ----------
ENTEQ UPSTREAM PLC
NOTES TO THE FINANCIAL STATEMENTS
For the six months to 30 September 2019
1. Reporting entity
Enteq Upstream plc ("the Company") is a public limited company
incorporated and domiciled in England and Wales (registration
number 07590845). The Company's registered address is The
Courtyard, High Street, Ascot, Berkshire, SL5 7HP.
The Company's ordinary shares are traded on the AIM market of
The London Stock Exchange.
Both the Company and its subsidiaries (together referred to as
the "Group") are focused on the provision of specialist products
and technologies to the upstream oil and gas services market.
2. General information and basis of preparation
The information for the period ended 30 September 2019 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for the period
ended 31 March 2019 has been delivered to the Registrar of
Companies. The auditors reported on those accounts: their report
was unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498(2) or
(3) of the Companies Act 2006.
The annual financial statements of the Group are prepared in
accordance with IFRS as adopted by the European Union. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International
Accounting Standard 34 'Interim Financial Reporting', as adopted by
the European Union.
The Group's consolidated interim financial statements are
presented in US Dollars (US$), which is also the functional
currency of the parent company. These condensed consolidated
interim financial statements (the interim financial statements)
have been approved for issue by the Board of directors on 13
November 2019.
This half-yearly financial report has not been audited, and has
not been formally reviewed by auditors under the Auditing Practices
Board guidance in ISRE 2410.
3. Accounting policies
The interim financial statements have been prepared on the basis
of the accounting policies and methods of computation applicable
for the period ended 31 March 2019. These accounting policies are
consistent with those applied in the preparation of the accounts
for the period ended 31 March 2019.
4. Estimates
When preparing the interim financial statements, management
undertakes a number of judgements, estimates and assumptions about
recognition and measurement of assets, liabilities, income and
expenses. The actual results may differ from the judgements,
estimates and assumptions made by management, and will seldom equal
the estimated results. The judgements, estimates and assumptions
applied in the interim financial statements, including the key
sources of estimation uncertainty were the same as those applied in
the Group's last annual financial statements for the year ended 31
March 2019.
5. Adjusted earnings and adjusted EBITDA
The following analysis illustrates the performance of the
Group's activities, and reconciles the Group's loss, as shown in
the condensed consolidated interim income statement, to adjusted
earnings. Adjusted earnings are presented to provide a better
indication of overall financial performance and to reflect how the
business is managed and measured on a day-today basis. Adjusted
earnings before interest, taxation, depreciation and amortisation
("adjusted EBITDA") is also presented as it is a key performance
indicator used by management.
Six months Six months
to 30 September to 30 September Year to
2019 2018 31 March
2019
US$ 000's US$ 000's US$ 000's
Unaudited Unaudited Audited
Loss attributable to ordinary
shareholders (457) (351) (98)
Exceptional items 2 2 7
Amortisation of acquired intangible
assets 147 60 116
Foreign exchange movements 25 28 (6)
----------------- ----------------- -----------
Adjusted earnings (283) (261) 19
Depreciation charge 1,787 1,141 2,575
Finance income (142) (111) (246)
PSP charge 114 (163) 173
Tax charge - - (67)
Adjusted EBITDA 1,476 606 2,454
================= ================= ===========
6. Segmental Reporting
For management purposes, the Group is currently organised into a
single business unit, the Drilling Division, which is based,
operationally, solely in the USA.
The principal activities of the Drilling Division are the
design, manufacture and selling of specialised products and
technologies for Directional Drilling and Measurement While
Drilling operations used in the energy exploration and services
sector of the oil and gas industry.
At present, there is only one operating segment and the
information presented to the Board is consistent with the
consolidated income statement and the consolidated statement of
financial position.
The net assets of the Group by geographic location
(post-consolidation adjustments) are as follows:
Net Assets 30 September 30 September
2019 2018 31 March
2019
US$ 000's US$ 000's US$ 000's
Unaudited Unaudited Audited
Europe (UK) 10,689 14,086 10,315
United States 13,222 9,249 13,733
------------- ------------- -----------
Total Net Assets 23,911 23,335 24,048
============= ============= ===========
The net assets in Europe (UK) are represented, primarily, by
cash balances denominated in US$.
7. Earnings Per Share
Basic earnings per share
Basic earnings per share is calculated by dividing the loss
attributable to ordinary shareholders for the six months of
US$457,400 (September 2018: loss of US$350,900) by the weighted
average number of ordinary shares in issue during the period of
65,488,000 (September 2018: 63,705,000).
Adjusted earnings per share
Adjusted earnings per share is calculated by dividing the
adjusted earnings loss for the six months of US$283,400 (September
2018: loss of US$261,200), by the weighted average number of
ordinary shares in issue during the period of 65,488,000 (September
2018: 63,705,000).
The adjusted diluted earnings per share information are
considered to provide a fairer representation of the Group's
trading performance.
A reconciliation between basic earnings and adjusted earnings is
shown in Note 5.
As the Group is loss making, any potential ordinary shares have
the effect of being anti-dilutive. Therefore, the diluted EPS is
the same as the basic EPS. As the share price, as at 30 September
2019, was below the weighted average option price of all the
options issued, the adjusted diluted EPS the same as adjusted
EPS.
8. Income Tax
No tax liability arose on ordinary activities for the six months
under review.
9. Intangible Fixed Assets
a) Goodwill
US$ 000's
Cost:
As at 30 September 2019 and
1 April 2019 19,619
----------
Impairment:
As at 30 September 2019 and
1 April 2019 (19,619)
----------
Net Book Value:
----------
As at 30 September 2019 and -
1 April 2019
----------
9. Intangible Fixed Assets (cont.)
b) Other Intangible Fixed Assets
Developed IPR&D technology Brand Customer Non- compete
technology names relationships agreements Total
US$ 000's US$ 000's US$ US$ 000's US$ 000's US$ 000's
000's
Cost:
As at 1 April
2019 12,823 9,305 1,240 20,586 5,931 49,885
Transfers 153 (153) - - - -
Capitalised in
period - 693 - - - 693
As at 30 September
2019 12,976 9,845 1,240 20,586 5,931 50,578
------------ ----------------- ------- --------------- ------------- ----------
Amortisation:
As at 1 April
2019 12,626 7,108 1,240 20,586 5,931 47,491
Charge for the
period 147 - - - - 147
As at 30 September
2019 12,773 7,108 1,240 20,586 5,931 47,638
------------ ----------------- ------- --------------- ------------- ----------
Net Book Value:
------------ ----------------- ------- --------------- ------------- ----------
As at 1 April
2019 197 2,197 - - - 2,394
============ ================= ======= =============== ============= ==========
As at 30 September
2019 203 2,737 - - - 2,940
============ ================= ======= =============== ============= ==========
The main categories of Intangible Fixed Assets are as
follows:
Developed technology:
This is technology which is currently commercialised and
embedded within the current product offering.
IPR&D technology:
This is technology which is in the final stages of field
testing, has demonstrable commercial value and is expected to be
launched within the next 12 months.
Brand names:
The value associated with the XXT trading name used within the
Group.
Customer relationships:
The value associated with the on-going trading relationships
with the key customers acquired.
Non-compete agreements:
The value associated with the agreements signed by the Vendors
of the acquired businesses not to compete in the markets of the
businesses acquired.
10. Share capital
Share capital as at 30 September 2019 amounted to US$1,028,000
(31 March 2019: US$1,005,000 and 30 September 2018:
US$1,003,000).
11. Going concern
The Directors have carried out a review of the Group's financial
position and cash flow forecasts for the next 12 months by way of a
review of whether the Group satisfies the going concern tests.
These have been based on a comprehensive review of revenue,
expenditure and cash flows, taking into account specific business
risks and the current economic environment. With regards to the
Group's financial position, it had cash and cash equivalents at 30
September 2019 of US$10.7m.
Having taken the above into consideration the Directors have
reached a conclusion that the Group is well placed to manage its
business risks in the current economic environment. Accordingly,
they continue to adopt the going concern basis in preparing the
Interim Condensed Financial Statements.
12. Principal risks and uncertainties
Further detail concerning the principal risks affecting the
business activities of the Group is detailed on pages 10 and 11 of
the Annual Report and Accounts for the year ended 31 March 2019.
Consideration has been given to whether there have been any changes
to the risks and uncertainties previously reported. None have been
identified.
13. Events after the balance sheet date
There have been no material events subsequent to the end of the
interim reporting period ended 30 September 2019.
14. Copies of the interim results
Copies of the interim results can be obtained from the Group's
registered office at The Courtyard, High Street, Ascot, Berkshire,
SL5 7HP and are available from the Group's website at
www.enteq.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FFAFMDFUSEIF
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November 14, 2019 02:00 ET (07:00 GMT)
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