Enteq Upstream updates on cash balance

29th Apr 2015 14:46

Enteq Upstream, the oilfield services technology and equipment supplier, updated its cash balance for the year ended 31 March 2015.The second half of Enteq's financial year ending 31 March 2015 was difficult like for most drilling-related services businesses.The company is still positive with a cash balance on 31 March 2015 of $14.1m, which is higher than $13.8m in 30 September 2014. Enteq will be making reductions until the drilling market stabilises. A non-cash charge for goodwill impairment will be taken for potential bad debts of $800,000.Full-year results for the year ended 31 March 2015 will be announced on 16 June 2015. Enteq stock had their "hold" rating reiterated by analysts at FinnCap.As of 16:19 the shares were flat at 17p.