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NTQ.GB Enteq Technologies Plc

0.00 (0.00%)
17 May 2024 - Closed
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Share Name Share Symbol Market Type Share ISIN Share Description
Enteq Technologies Plc AQSE:NTQ.GB Aquis Stock Exchange Ordinary Share GB00B41Q8Q68
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 8.75 8.00 9.50 8.75 8.75 8.75 0.00 06:50:54
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
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Enteq Technologies PLC Half-year Report (4602T)

15/11/2023 7:00am

UK Regulatory

Enteq Technologies (AQSE:NTQ.GB)
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RNS Number : 4602T

Enteq Technologies PLC

15 November 2023

Enteq Technologies plc

("Enteq", the "Company" or the "Group")

Interim results for the six months ended 30 September 2023

Enteq Technologies plc (AIM: NTQ.L) is pleased to announce its interim results for the six months ended 30 September 2023.

Key Highlights (FY24 year to date)

Enteq Technologies is a specialist energy services engineering and technology company with the flagship product being the SABER Tool (Steer-At-Bit Enteq Rotary Tool) for directional drilling technology.

-- The SABER project, a novel and disruptive method of drilling boreholes, has progressed well with the technology operating as expected during successful field-testing in Oklahoma. SABER tools are currently in manufacture for commercial deployment.

-- Investment in the SABER engineering has continued using existing balance sheet resources, with a closing cash position of $5.1m at the end of the period ($5.4m at end of March 2023) following realisation of capital from the sale of XXT IP and assets.

-- Appointment of David MacNeill as an independent non-executive director, based in Dubai, UAE and bringing over 30 years' extensive experience across drilling businesses, notably having direct exposure to rotary steerable system development and operations.

Financial metrics

                                                    Six months ended 
                                                      30 September: 
                                                     2023             2022 
                                                     US$m             US$m 
            *    Revenue*                             0.0              4.9 
            *    Adjusted EBITDA**                  (1.6)              0.1 
            *    Post tax loss for the period         0.6              0.8 
            *    Loss per share (cents)               1.0              1.1 
            *    Cash balance                         5.1              1.8 

Andrew Law, CEO of Enteq Technologies plc, commented:

"Enteq continues to focus on the global Rotary Steerable market with a value of $3.6bn annually***, where SABER has the potential to deliver value to customers through a differentiated, high quality and lower operating cost alternative to the incumbent, limited, competition. A fleet of the first generation of commercial SABER tools is currently being manufactured to support a customer contract which includes a first phase of customer testing, as well as other potential opportunities. The team and resources, from the existing balance sheet, are in place for this pending commercialisation phase."

For further information, please contact:

Enteq Technologies plc +44 (0)20 8087 2202

Andrew Law, Chief Executive Officer

Mark Ritchie, Chief Financial Officer

   Cavendish Capital Markets Limited (NOMAD and Broker)                       +44 (0)20 7220 0500 

Ed Frisby, Fergus Sullivan (Corporate Finance)

Andrew Burdis, Barney Hayward (ECM)

(*) Revenue from continued operations only. Revenue reported in financial section relates to the recently disposed of XXT business.

(**) Adjusted EBITDA is reported (loss)/profit before tax adjusted for interest, depreciation, amortisation, foreign exchange movements, performance share plan charges and exceptional items - see note 5

***Source: Spears & Associates Directional Drilling Report (2023).

Interim Report



Enteq Technologies is a specialist energy services engineering and technology company with the flagship product being the revolutionary, field-test proven SABER Tool (Steer-At-Bit Enteq Rotary Tool) directional drilling technology.

The SABER Tool is based on a concept originally developed by Shell, where rather than using pads or pistons to create steering forces, the SABER Tool uses an internally directed fluid pressure differential system. By removing these external contact points, the SABER Tool achieves true at-bit steering for the first time and the mechanically simple design gives the potential to improve reliability and project uptime versus conventional RSS (rotary steerable system) solutions.

Enteq has the exclusive license for this novel rotary steerable technology and IP from Shell. Enteq has developed and refined the concept, generating additional protected IP. The SABER Tool is field-test proven from downhole drilling and is being readied for commercial deployment.

The global RSS market is worth approximately $3.6 billion annually according to a recent (2023) report from Spears. The SABER Tool has the potential to drive operational efficiency across the world's directional drilling applications, including hydrocarbon production, geothermal energy, methane capture and CCS (carbon capture and storage). Enteq will provide the SABER Tool to customers through rental or purchase, enabling independent and regional directional drilling companies to compete with major integrated service companies which have to date dominated this segment.

Financial performance

There has been a strong and ongoing focus on managing the Company's cash position to underpin investment in product line development, primarily the deployment of SABER. In April 2023, following the previous financial year end, Enteq divested of the assets and IP related to the XXT product line, for up to $3.2m, $0.9m of which has been received in cash during this period.

$0.8m has been invested in SABER between 1 April 2023 and 30 September 2023, and the first generation of commercial tools is currently being manufactured. A contract is in place to progress from customer-testing in the new calendar year, on to commercial operations.

The cash position at the end on the period was $5.1m

Cash balance and cashflow

On 30 September 2023, the Group had a cash balance of US$5.1m down US$0.2m on the US$5.4m reported as at 31 March 2023. As at the date of this announcement the cash balance is US$4.6m.

The half year cash movement can be analysed as follows:

 Adjusted loss                             (0.6) 
 Change in trade and other receivables       1.1 
 Change in trade and other payables        (1.0) 
 Change in inventory                         0.0 
 Operational cashflow                      (0.5) 
 Sale of tangible fixed assets               1.0 
 R&D expenditure                           (0.8) 
 Net cash movement                         (0.3) 
 Cash balances as at 1 April 2023            5.4 
 Cash balances as at 30 September 2023       5.1 

The cash inflow on trade receivables relates to ongoing deferred proceeds from the sale of the XXT business, as announced at the time of the XXT disposal. The R&D expenditure was primarily relating to the SABER Rotary Steerable System development program. Management expects that the future cash balances are sufficient to complete SABER's field-testing phase and to bring it to a successful commercial launch.


Enteq has a rented operations facility in Houston (having sold a freehold property in the year ending March 2023), a technology centre in Cheltenham, UK and a support office in Aberdeen, UK. The Houston, Texas and Cheltenham, UK, facilities are all close to the main global centres of expertise for Rotary Steerable Systems, with access to highly specialised engineering and machining firms.


The in-house product development team leads project engineering and works closely with a number of specialist contractors in Houston and in the UK as necessary. The product development team in Houston has been strengthened, with the recent addition of an Engineering Director (non-Board).

The in-house operations team (supporting field-testing and customer operations) is based in Houston and the team has been recently strengthened with the addition of a RSS reliability engineer.

International business is led by the in-house team and is supported through a network of international sales agents.

There were a total of 11 employees at the end of September 2023.


The SABER project has been substantially de-risked after the recent successful field-testing, with a fleet of the first generation of commercial tools currently being manufactured for deployment, to a customer contract which includes a first phase of customer testing, in addition to other potential opportunities.

The global RSS sector is estimated at $3.6bn annually and needs additional competition. Extensive and continued industry engagement, including recent attendance at the ADIPEC global trade show, has confirmed a high level of potential demand for SABER across the key regions, including applications to support energy transition.

   Andrew Law                                                    Martin Perry 
   Chief Executive                                              Chairman 

Enteq Technologies plc

15 November 2023

 Enteq Technologies plc 
 Condensed Consolidated Income 
                                                          Six months   Six months     Year to 
                                                               to 30        to 30    31 March 
                                                           September    September        2023 
                                                                2023         2022 
                                                           Unaudited    Unaudited     Audited 
                                    Notes                  US$ 000's    US$ 000's   US$ 000's 
 Revenue                                                         774        4,912       6,245 
 Cost of Sales                                               (1,326)      (3,518)     (4,777) 
 Gross Profit                                                  (552)        1,394       1,467 
  Administrative expenses before 
   amortisation                                              (1,056)      (1,866)     (3,489) 
  Amortisation of acquired 
   intangibles                       10                            -        (241)       (408) 
  Other exceptional items             6                          988         (25)       (696) 
  Foreign exchange (loss)/gain 
   on operating activities                                      (11)         (34)           5 
                                           -------------------------  -----------  ---------- 
 Total Administrative expenses                                  (79)      (2,166)     (4,588) 
 Operating loss                                                (631)        (772)     (3,121) 
 Finance income                                                   37            6          37 
 Loss before tax                                               (594)        (766)     (3,084) 
 Tax expense                          9                            -            -         280 
 Loss for the period                  5                        (594)        (766)     (2,804) 
                                           =========================  ===========  ========== 
 Loss attributable to: 
 Owners of the parent                                          (594)        (766)     (2,804) 
                                           =========================  ===========  ========== 
 Earnings/loss per share 
  (in US cents):                      8 
 Basic                                                         (1.0)        (1.1)       (2.0) 
 Diluted                                                       (1.0)        (1.1)       (2.0) 
 Enteq Technologies plc 
 Condensed Statement of Financial Position 
                                                            30 September   30 September    31 March 
                                                                    2023           2022        2023 
                                                               Unaudited      Unaudited     Audited 
                                  Notes                        US$ 000's      US$ 000's   US$ 000's 
 Non-current assets 
 Intangible assets                 10                              7,316          5,051       6,484 
 Property, plant and equipment                                        57          2,142          63 
 Rental fleet                                                          -             98           - 
 Trade and other receivables                                           -             54           - 
  greater than one year 
                                         -------------------------------                 ---------- 
 Non-current assets                                                7,374          7,345       6,547 
                                         -------------------------------  -------------  ---------- 
 Current assets 
 Trade and other receivables                                         517          5,342         237 
 Inventories                                                           -          2,006           - 
 Cash and cash equivalents                                         5,037            319       5,351 
 Assets held for sale                                              1,229              -       2,184 
 Bank deposits                                                         -          1,500           - 
                                         -------------------------------  -------------  ---------- 
 Current assets                                                    6,784          9,167       7,772 
                                         -------------------------------  -------------  ---------- 
 Total assets                                                     14,158         16,512      14,319 
                                         ===============================  =============  ========== 
 Equity and liabilities 
 Share capital                     11                              1,080          1,081       1,080 
 Share premium                                                    92,037         92,038      92,037 
 Share based payment reserve                                         686            410         448 
 Retained earnings                                              (80,045)       (78,660)    (80,489) 
 Total equity                                                     13,757         14,869      13,076 
                                         -------------------------------  -------------  ---------- 
 Current Liabilities 
 Trade and other payables                                            400          1,643       1,243 
                                         -------------------------------  -------------  ---------- 
 Total equity and liabilities                                     14,158         16,512      14,319 
                                         ===============================  =============  ========== 
 Enteq Technologies 
 Condensed Consolidated Statement of Changes 
  in Equity 
 Six months to 30 September 2023 
                                        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                  -           -           -           -           - 
 Share based payment 
  charge                                 -           -           -         238         238 
                                                                    ----------  ---------- 
 Transactions with owners                -           -           -         238         238 
                                ----------  ----------  ----------  ----------  ---------- 
 Loss for the period                     -         444           -           -         444 
 Total comprehensive 
  income                                 -         444           -           -         444 
                                ----------  ----------  ----------  ----------  ---------- 
 Movement in period:                     -         444           -         238         682 
 As at 1 April 2023 (audited)        1,080    (80,489)      92,037         448      13,076 
                                ----------  ----------  ----------  ----------  ---------- 
 As at 30 September 
  2023 (unaudited)                   1,080    (80,045)      92,037         686      13,757 
                                ==========  ==========  ==========  ==========  ========== 
 Six months to 30 September 2022 
                                        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                  9           -         119           -         128 
 Share based payment 
  charge                                 -           -           -        (22)        (22) 
 Transactions with owners                9           -         119        (22)         106 
                                                                    ----------  ---------- 
 Loss for the period                     -       (766)           -           -       (766) 
 Total comprehensive 
  income                                         (766)           -           -       (766) 
 Movement in period:                     9       (766)         119        (22)       (660) 
 As at 1 April 2022 (audited)        1,072    (77,894)      91,919         432      15,529 
 As at 30 September 
  2022 (unaudited)                   1,081    (78,660)      92,038         410      14,869 
                                ----------  ----------  ----------  ----------  ---------- 
 Enteq Technologies plc 
 Condensed Consolidated Statement 
  of Cash Flows 
                                       Six months             Six        Year 
                                               to          months          to 
                                     30 September              to    31 March 
                                             2023    30 September        2023 
                                        Unaudited       Unaudited     Audited 
                                        US$ 000's           000's   US$ 000's 
 Cash flows from operating 
 Loss for the period                        (594)           (766)     (3,084) 
 Gain on disposal of fixed 
  assets                                    1,000               -       (292) 
 Net finance income                            37             (6)        (37) 
 Share-based payment non-cash 
  charges                                       -            (22)         225 
 Impact of foreign exchange 
  movement                                   (11)            (34)           5 
 Depreciation, amortisation 
  and exceptional charges                    (13)             784       1,162 
                                              419            (44)     (2,021) 
 (Increase)/decrease in 
  inventory                                     -             404       1,681 
 Tax received from continuing 
  operations                                    -               -         280 
 Decrease/(increase) in 
  trade and other receivables                 734         (1,859)       1,853 
 (Decrease)/increase in 
  trade and other payables                  (663)           (219)       (617) 
 Increase in rental fleet 
  assets                                        -           (256)       (255) 
 Net cash from operating 
  activities                                  490         (1,974)         921 
                                 ----------------  --------------  ---------- 
 Investing activities 
 Purchase of tangible fixed 
  assets                                        -            (22)        (25) 
 Disposal proceeds of tangible 
  fixed assets                                  -               -       2,266 
 Purchase of intangible 
  fixed assets                              (832)         (1,148)     (2,639) 
 Funds placed on interest 
  bearing deposit                               -               -       1,500 
 Interest received                             37               6          37 
                                 ----------------  -------------- 
 Net cash from investing 
  activities                                (305)         (1,164)       1,139 
                                 ----------------  --------------  ---------- 
 Financing activities 
 Share issue                                    -             127           - 
                                 ----------------  -------------- 
 Net cash from financing 
  activities                                    -             127           - 
                                 ----------------  --------------  ---------- 
 Increase/(decrease) in 
  cash and cash equivalents                 (305)         (3,011)       2,060 
 Non-cash movements - foreign 
  exchange                                    (8)              34         (5) 
 Cash and cash equivalents 
  at beginning of period                    5,351           3,296       3,296 
 Cash and cash equivalents 
  at end of period                          5,038             319       5,351 
                                 ================  ==============  ========== 
 Cash and cash equivalents 
  at end of period                          5,038             319       5,351 
 Funds placed on interest 
  bearing deposit                               -           1,500           - 
                                 ----------------  --------------  ---------- 
                                            5,038           1,819       5,351 
                                 ================  ==============  ========== 



For the six months to 30 September 2023

   1.    Reporting entity 

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") provides equipment to energy service companies for use in the hydrocarbon and geothermal extraction sectors.

   2.    General information and basis of preparation 

The information for the period ended 30 September 2023 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 2023 has been delivered to the Registrar of Companies

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 15 November 2023

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 ending 31 March 2024. These accounting policies are consistent with those applied in the preparation of the accounts for the period ended 31 March 2023.

   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 2023.

   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         Year to 
                                           to 30 September    to 30 September        31 March 
                                                      2023               2022            2023 
                                                 US$ 000's          US$ 000's       US$ 000's 
                                                 Unaudited          Unaudited         Audited 
   Loss attributable to ordinary 
    shareholders                                     (594)              (766)           (787) 
   Exceptional items                                 (988)                 25               7 
   Amortisation of acquired intangible 
    assets                                               0                240             199 
   Foreign exchange movements                           11                 34              40 
                                         -----------------  -----------------  -------------- 
   Adjusted loss                                   (1,571)              (467)           (541) 
   Depreciation charge                                   6                543             643 
   Finance income                                     (37)                (6)            (16) 
   PSP credit/(charge)                                   -               (49)             220 
   Other                                                 -                 34               - 
   Adjusted EBITDA                                 (1,601)                 55             306 
                                         =================  =================  ============== 

6. Exceptional items

The exceptional items can be analysed as follows:

                                         Six months         Six months         Year to 
                                    to 30 September    to 30 September        31 March 
                                               2023               2022            2023 
                                          US$ 000's          US$ 000's       US$ 000's 
                                          Unaudited          Unaudited         Audited 
   Severance payments                            25                 20              37 
   Loss/(gain) on sale of fixed 
    assets                                  (1,000)                  5            (30) 
   Other                                       (13)                  -               - 
                                  -----------------  -----------------  -------------- 
   Exceptional items                          (988)                 25               7 
                                  =================  =================  ============== 
   7.    Segmental Reporting 

For management purposes, the Group is currently organised into a single business unit which is based, operationally, primarily in the USA but with a support centre based in the UK.

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       31 March 
                                   2023           2022           2023 
                              US$ 000's      US$ 000's      US$ 000's 
                              Unaudited      Unaudited        Audited 
       Europe (UK)                4,519          1,282          3,649 
       United States              9,238         13,587         11,880 
                          -------------  -------------  ------------- 
       Total Net Assets          13,757         14,869         15,529 
                          =============  =============  ============= 

The net assets in Europe (UK) are represented, primarily, by cash balances denominated in US$.

   8.    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$594,000 (September 2022: loss of US$766,000) by the weighted average number of ordinary shares in issue during the period of 69,724,006 (September 2022: 69,247,129).

   9.    Income Tax 

No tax liability arose on ordinary activities for the six months under review.

10. Intangible Fixed Assets

Other Intangible Fixed Assets

                             Developed         IPR&D       Brand 
                            technology    technology       names       Total 
                             US$ 000's     US$ 000's   US$ 000's   US$ 000's 
  As at 1 April 2023            13,339        17,804       1,240      32,383 
  Capitalised in period              -           832           -       1,149 
                          ------------  ------------  ----------  ---------- 
  As at 30 September 
   2023                         13,339        18,636       1,240      33,215 
                          ------------  ------------  ----------  ---------- 
  As at 1 April 2023            13,339        11,320       1,240      25,899 
  Charge for the period              -             -           -           - 
  As at 30 September 
   2023                         13,339        11,320       1,240      25,899 
                          ------------  ------------  ----------  ---------- 
  Net Book Value: 
                          ------------  ------------  ----------  ---------- 
  As at 1 April 2023                 -         6,484           -       6,484 
                          ============  ============  ==========  ========== 
  As at 30 September 
   2023                              -         7,316           -       7,316 
                          ============  ============  ==========  ========== 

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 in the foreseeable future.

Brand names:

The value associated with various trading names used within the Group.

11. Share capital

Share capital as at 30 September 2023 amounted to US$1,081,000 (31 March 2023: US$1,080,000 and 30 September 2022: US$1,080,000).

12. 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 2023 of US$5.1 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.

13. Principal risks and uncertainties

Further detail concerning the principal risks affecting the business activities of the Group is detailed on pages 11 to 13 of the Annual Report and Accounts for the period ended 31 March 2023. Consideration has been given to whether there have been any changes to the risks and uncertainties previously reported. None have been identified.

14. Events after the balance sheet date

There have been no material events subsequent to the end of the interim reporting period ended 30 September 2023.

15. Copies of the interim results

Copies of the interim results are available from the Group's website at

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November 15, 2023 02:00 ET (07:00 GMT)

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