Interim Results

RNS Number : 3936H
Enteq Upstream PLC
15 November 2018
 

Enteq Upstream plc

 

Interim results for the six months ended 30 September 2018

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 2018.

 

 

Key Features

·          Stable commodity prices and activity in USA with international opportunities beginning to materialise.

 

·          Revenue showing steady improvement.

 

·          Progressive growth in adjusted EBITDA.

 

·          Investment in technology and the rental fleet of MWD systems; cash balance US$ 11.8m (US$ 15.3m in September 2017).

 

 

 

Financial Metrics

 

 

Six months to:

 

 

30 Sept 2018

US$m

 

30 Sept 2017

US$m

 

·    Revenue

4.2

 

2.5

 

 

·    Consolidated adjusted EBITDA1

0.6

 

-

 

 

·    Loss before tax

0.4

 

0.3

 

·    Adjusted loss per share (cents)2

0.4

 

0.6

 

·    Cash

11.8

 

15.3

 

                 

 

 

 

 

Outlook

·          Core market of North American land drilling expected to remain near current levels.

 

·          Further international growth prospects.

 

·          Technology partnerships will increase available market.

 

·          Current engineering projects will broaden product offering.

 

·          Current market conditions give stable platform for growth.

 

 

 

Martin Perry, CEO of Enteq Upstream plc, commented:

"Enteq has returned to progressive growth in adjusted EBITDA and investments are being made from existing cash reserves into both new technology and strategic opportunities.  Management believe that the returns from these investments will both broaden the market that can be addressed by Enteq and increase market share.  Outside North America management continue to pursue opportunities which could be significant in scale. Providing the oil price remains at a level to sustain investment in the drilling sector, Enteq is confident of continuing growth."

 

 

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 ending 30 September 2018, the price of West Texas Intermediate Crude oil ("WTI") averaged around US$70 per barrel (closing the period at US$73).   The North American rig count remained broadly constant at around 1,050 rigs.   This led to a more stable market for Enteq products.

 

Enteq gained a number of new customers in North America primarily through the growth in the number of rental Measurement While Drilling systems deployed, rising from 14 rental kits at the end of March 2018 to 24 kits at 30 September 2018.  This business model both secures long term market share and also ensures that Enteq becomes the standard supplier for all the components required within the total MWD system.

 

First shipments have been made to customers in both the Far East and Europe for geothermal drilling, opening up potential new markets where the reliability of the Enteq equipment is being recognised. Operations continue in Saudi Arabia, where the initial technical qualification with Aramco has been completed with continuing sales to China, Russia and into the Middle East region.

 

Key Features

·          Stable commodity prices and activity in USA with international opportunities beginning to materialise.

 

·          Revenue showing steady improvement.

 

·          Progressive growth in adjusted EBITDA.

 

·          Investment in technology and the rental fleet of MWD systems; cash balance US$ 11.8m (US$ 15.3m in September 2017). 

 

 

Operations

All the core engineering, manufacturing and distribution functions are now operated from the Enteq owned facility in South Houston.

At the end of September 2018, Enteq employed a total of 35 staff, compared with 33 at end of March 2018, but still significantly below the approximately 120 staff in 2014. The reduction since 2014 has been achieved, and maintained, through out-sourcing of the lower margin manufacturing as well as efficiency gains through re-organisation suitable to a business in the current market conditions.

Customer demonstrations have been held and initial trials are under way for the new 'At-Bit' technology which is now commercially released; a result of a collaboration with Houston based firm Well Resolutions Technology.

The 'Geowells' project, with sponsorship from the UK government in collaboration with Chinese research organisations and Imperial College in London, continues to progress according to plan. Engineering resources based in the UK have been added to the team to assist with this and other Enteq engineering.

Patent applications have now been published for a differentiated method of connection and communication in the down-hole environment.

Outlook

·          Core market of North American land drilling expected to remain near current levels.

·          Further international growth prospects.

·          Technology partnerships will increase available market.

·          Current engineering projects will broaden product offering.

·          Current market conditions give stable platform for growth.

 

Overview of results

The first half revenue of US$4.2m represented a rise of 66% over the US$2.5m for the first half of last year and 5% over the second half of last year.   This reflects the stability seen in both the price of WTI oil (rising from US$52 per barrel in September 2017 to US$73 at the end of September 2018) and the number of drilling rigs active in North America (a gentler rise from around 950 in September 2017 to around 1,050 in September 2018). This stability has enabled our customers (the drilling services companies) to be more confident for the demand in their services and, hence, order more of our equipment.

The North American market continues to be Enteq's most important geographical market, representing 90% of the first half revenue (September 2017: 97%).

The equipment rental market revenue continues to show good growth, up from US$0.7m in the second half of last year to US$1.6m in this reporting period (US$0.3m in the second half of last year).   This reflects the increased investment in the rental fleet, up from a net book value of US$ 2.2m at the end of last year, to US$3.0m as at 30 September 2018 (US$0.8m as at 30 September 2017).

The gross margin of 62% earned in the first half of this year was marginally down on the 65% achieved in the second half of last year and down on the 70% for the six months to 30 September 2017.  Both reductions were due to a lower proportion of sales coming from the higher margin electronic component business, countered, to some extent, by a higher proportion of rental income.

In the six months to 30 September 2018 the reported administrative expenses before amortisation, less depreciation and long-term incentive scheme charges were US$ 2.0m.   This is a US$ 0.4m decrease over the second half of last year.  This decrease is primarily due to bringing the electronic component manufacturing to the Enteq owned Houston site and closing the leased facility in California from mid-March 2018. In addition, there was the timing impact of receiving the UK government grant relating to the geothermal drilling equipment project.  The overhead increase compared to the first half of the year ended 31 March 2018 (US$ 1.7m) is primarily due to the additional headcount (plus associated costs) required to service the increasing revenue during the year to 30 September 2018.

The adjusted EBITDA profit in the period of US$0.6m shows a progression from the September 2017 breakeven and the US$0.2m profit in the second half of the year ended 31 March 2018. A reconciliation between the reported loss and the adjusted EBITDA is shown in note 5 to the Financial Statements.

Cash balance and cashflow

As at 30 September 2018 the Group had a cash balance of US$11.8m, down US$3.7m over the figure as at 31 March 2018.  The half year cash movement can be analysed as follows:

 

US$m

Adjusted EBITDA

0.6

Increase in trade & other receivables

(0.9)

Increase in inventory*

(0.7)

Other changes in operational working capital

(0.2)

Operational cashflow

 (1.2)

Increase in the rental fleet

 (1.9)

R&D expenditure

 (0.5)

Capex

 (0.2)

Interest received

        0.1

Net cash movement

(3.7)

Cash balances as at 1 April 2018

15.5

Cash balances as at 30 September 2018

11.8

 

* The increase in inventory includes US$0.4m of equipment relating to a collaborative development of a seamless "At-Bit" solution which is now commercially available.
 

 

Prospects

Enteq has returned to progressive growth in adjusted EBITDA and investments are being made from existing cash reserves into both new technology and strategic opportunities.  Management believe that the returns from these investments will both broaden the market that can be addressed by Enteq and increase market share.  Outside North America management continue to pursue opportunities which could be significant in scale. Providing the oil price remains at a level to sustain investment in the drilling sector, Enteq is confident of continuing growth. 

 

 

 

Martin Perry                                                   Iain Paterson

Chief Executive                                              Chairman

 

Enteq Upstream plc

15 November 2018

 

 

 

 

Enteq Upstream plc

 

 

 

 

Condensed Consolidated Income Statement

 

 

 

 

 

 

 

 

 

 

 

Six months to 30 September 2018

Six months to 30 September 2017

Year to

31 March 2018

 

 

Unaudited

Unaudited

Audited

 

Notes

US$ 000's

US$ 000's

US$ 000's

 

 

 

 

 

Revenue

 

4,152

2,506

6,460

 

 

 

 

 

Cost of Sales

 

(1,581)

(754)

(2,141)

 

 

 

 

 

Gross Profit

 

2,571

1,752

4,319

 

 

 

 

 

Administrative expenses before amortisation

 

(2,943)

(2,161)

 

(4,994)

Amortisation of acquired intangibles

9b

(60)

(46)

(92)

Other exceptional items

 

(2)

23

(57)

Foreign exchange (loss)/gain on operating activities

 

(28)

40

48

 

 

 

 

 

Total Administrative expenses

 

(3,033)

(2,144)

(5,095)

 

 

 

 

 

Operating loss

 

(462)

(392)

(776)

 

 

 

 

 

Finance income

 

111

77

175

 

 

 

 

 

Loss before tax

 

(315)

(315)

(601)

 

 

 

 

 

Tax expense

8

-

(3)

(3)

 

 

 

 

 

Loss for the period

5

(351)

(318)

(604)

 

 

 

 

 

Loss attributable to:

 

 

 

 

Owners of the parent

 

(351)

(318)

(604)

 

 

 

 

 

Earnings/loss per share (in US cents):

7

 

 

 

Basic

 

(0.6)

(0.5)

(1.0)

Diluted

 

(0.6)

(0.5)

(1.0)

 

 

 

 

 

Adjusted earnings per share (in US cents):

7

 

 

 

Basic

 

(0.4)

(0.6)

(0.8)

Diluted

 

(0.4)

(0.6)

(0.8)

           

 

Condensed Consolidated Statement of Comprehensive Income

 

 

 

 

 

 

Six months to 30 September 2018

Six months to 30 September 2017

Year to 31 March 2018

 

 

Unaudited

Unaudited

Audited

 

 

US$ 000's

US$ 000's

US$ 000's

 

 

 

 

 

Loss for the period

 

(351)

(318)

(604)

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

 

(351)

(318)

(604)

Total comprehensive income attributable to:

 

 

 

 

Owners of the parent

 

(351)

(318)

(604)

 

Enteq Upstream plc

 

 

 

 

Condensed Statement of Financial Position

 

 

 

 

 

 

 

 

 

 

30 September 2018

30 September 2017

31 March 2018

 

 

Unaudited

Unaudited

Audited

 

Notes

US$ 000's

US$ 000's

US$ 000's

Assets

 

 

 

 

Non-current

 

 

 

 

Goodwill

9a

-

-

-

Intangible assets

9b

1,657

890

1,222

Property, plant and equipment

 

2,506

2,275

2,384

Rental fleet

 

2,963

777

2,119

Trade and other receivables

 

168

-

238

Non-current assets

 

7,294

3,942

5,963

 

 

 

 

 

Current

 

 

 

 

Trade and other receivables

 

3,043

2,714

2,104

Inventories

 

3,989

3,358

3,302

Cash and cash equivalents

 

11,848

15,330

15,501

Current assets

 

18,880

21,402

20,907

Total assets

 

26,174

25,344

26,870

 

 

 

 

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

Share capital

10

1,003

978

982

Share premium

 

99,334

90,953

91,031

Share based payment reserve

 

700

943

910

Retained earnings

 

(69,702)

(69,065)

(69,351)

Total equity

 

23,335

23,809

23,572

 

 

 

 

 

Liabilities

 

 

 

 

Current

 

 

 

 

Trade and other payables

 

2,839

1,535

3,298

Total equity and liabilities

 

26,174

25,344

26,870

                 

 

 

 

 

Enteq Upstream plc

 

 

 

 

 

Condensed Consolidated Statement of Changes in Equity

 

 

 

 

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

21

-

303

-

323

Share based payment charge

-

-

-

(206)

(206)

Transactions with owners

21

-

303

(206)

117

 

 

 

 

 

 

Loss for the period

-

(351)

-

-

(351)

 

 

 

 

 

Total comprehensive income

-

(351)

-

-

(351)

 

 

 

 

 

 

Movement in period:

21

(351)

303

(206)

(234)

As at 1 April 2018 (audited)

983

(69,352)

91,031

910

23,571

As at 30 September 2018 (unaudited)

1,003

(69,703)

91,334

703

23,338

 

 

 

 

Six months to 30 September 2017

 

 

 

 

 

 

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

15

-

235

-

250

Share based payment charge

-

-

-

137

137

Transactions with owners

15

-

235

137

387

 

 

 

 

 

 

Loss for the period

-

(318)

-

-

(318)

 

 

 

 

 

Total comprehensive income

-

(318)

-

-

(318)

 

 

 

 

 

 

Movement in period:

15

(318)

235

137

69

As at 1 April 2018 (audited)

963

(68,747)

90,718

806

23,740

As at 30 September 2018 (unaudited)

978

(69,065)

90,953

943

23,809

 

 

 

 

 

Enteq Upstream plc

 

 

 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

 

 

 

 

Six months to

30 September 2018

Six months to

30 September 2017

Year to

31 March 2018

 

 

Unaudited

Unaudited

Audited

 

 

US$ 000's

US$ 000's

US$ 000's

 

Cash flows from operating activities

 

 

 

 

Loss for the period

(351)

(318)

(604)

 

Tax charge

-

3

3

 

Net finance income

(111)

(77)

(175)

 

(Gain)/loss on disposal of fixed assets

(9)

(22)

(82)

 

Share-based payment non-cash charges

(206)

137

104

 

Impact of foreign exchange movement

28

(40)

(48)

 

Depreciation and Amortisation charges

1,200

324

853

 

 

551

7

51

 

 

 

 

 

 

Interest received

111

81

175

 

Tax paid

-

-

(1)

 

(Increase)/decrease in inventory

(687)

(470)

64

 

Decrease/(increase) in trade and other receivables

(872)

1,211

1,582

 

(Decrease)/increase in trade and other payables

(459)

(852)

910

 

Net cash from operating activities

(1,356)

(23)

2,781

 

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

Purchase of tangible fixed assets

(192)

(2)

(236)

 

Increase in rental fleet assets

(1,903)

 

(2,222)

 

Disposal proceeds of tangible fixed assets

9

22

133

 

Purchase of intangible fixed assets

(495)

(291)

(670)

 

Net cash from investing activities

(2,591)

(271)

(2,995)

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

Share issue

323

249

332

 

Net cash from financing activities

323

249

332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase/(decrease) in cash and cash equivalents

(3,624)

(45)

118

 

 

 

 

 

 

Non-cash movements - foreign exchange

(28)

40

48

 

Cash and cash equivalents at beginning of period

15,501

15,335

15,335

 

 

 

 

 

 

Cash and cash equivalents at end of period

11,848

15,330

15,501

 

             
 

 

ENTEQ UPSTREAM PLC

 

NOTES TO THE FINANCIAL STATEMENTS

For the six months to 30 September 2018

 

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 2018 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 2018 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 14 November 2018.

 

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 2018. These accounting policies are consistent with those applied in the preparation of the accounts for the period ended 31 March 2018.

 

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 2018.

 

 

 

 

 

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 is 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 to 30 September 2018

Six months to 30 September 2017

 

Year to 31 March 2018

 

US$ 000's

US$ 000's

US$ 000's

 

Unaudited

Unaudited

Audited

 

 

 

 

Loss for the period

(351)

(318)

(604)

Other exceptional items

2

(22)

57

Amortisation of acquired intangible assets

60

46

92

Foreign exchange movements

28

(40)

(48)

Adjusted earnings

(61)

(334)

(503)

 

 

 

 

Depreciation charge

1,141

277

760

Finance income

(111)

(77)

(175)

PSP charge

(162)

146

138

Tax charge

-

3

3

 

 

 

 

Adjusted EBITDA

606

15

223

 

 

 

 

 

 

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 2018

30 September 2017

 

31 March 2018

 

US$ 000's

US$ 000's

US$ 000's

 

Unaudited

Unaudited

Audited

 

 

 

 

Europe (UK)

11,330

14,560

13,673

United States

12,205

9,249

9,899

Total Net Assets

23,535

23,809

23,572

 

 

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$350,900 (September 2017: loss of US$317,600) by the weighted average number of ordinary shares in issue during the period of 63,705,000 (September 2017: 61,307,000).

 

 

Adjusted earnings per share

Adjusted earnings per share is calculated by dividing the adjusted earnings loss for the six months of US$261,200 (September 2017: loss of US$334,200), by the weighted average number of ordinary shares in issue during the period of 63,705,000 (September 2017: 61,307,000).

 

 

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 2018, 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 2018 and 1 April 2018

19,619

 

 

 

Impairment:

 

As at 30 September 2018 and 1 April 2018

(19,619)

 

 

 

Net Book Value:

 

As at 30 September 2018 and 1 April 2018

-

 

 

 

 

9.            Intangible Fixed Assets (cont.)

 

b)    Other Intangible Fixed Assets

 

Developed technology

IPR&D technology

Brand names

Customer relationships

Non- compete agreements

 

Total

 

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

US$ 000's

Cost:

 

 

 

 

 

 

As at 1 April 2018

12,676

8,164

1,240

20,586

5,931

48,597

Transfers

 

 

 

 

 

 

Capitalised in period

-

495

-

-

-

495

As at 30 September 2018

12,676

8,659

1,240

20,586

5,931

49,092

 

 

 

 

 

 

 

Amortisation:

 

 

 

 

 

 

As at 1 April 2018

12,510

7,108

1,240

20,586

5,931

47,375

Charge for the period

60

-

-

-

-

60

As at 30 September 2018

12,570

7,108

1,240

20,586

5,931

47,435

 

 

 

 

 

 

 

Net Book Value:

 

 

 

 

 

 

As at 1 April 2018

166

1,056

-

-

-

1,222

As at 30 September 2018

106

1,551

-

-

-

1,657

 

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 2018 amounted to US$1,003,000 (31 March 2018: US$982,000 and 30 September 2017: US$978,000).

 

 

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 2018 of US$11.8 million.

 

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.

 

 

 

 

Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 11 and 12 of the Annual Report and Accounts for the period ended 31 March 2018.  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 2018.

 

 

 

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.
 
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