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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ades International Holding Plc | LSE:ADES | London | Ordinary Share | AEDFXA1EN018 | ORD USD1.00 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.35 | 12.00 | 12.70 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
ADES International Holding PLC. (“ADES” or the “Group”), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), updates the market on its financial and operational performance over the three months ended 31 March 2019 and on recent positive developments post the reporting period. The financial information included below is unaudited.
Q1 2019 Financial and Operational Highlights
Financial Highlights
Operational Highlights
Recent news flow
Outlook
Trading in Q1 2019 has been positive and with the addition of incremental revenues from the now completed Weatherford acquisition and new Algerian contracts, this will drive sequential progress during Q2 2019.
We are trading in line with current expectations for FY 2019 with strong revenue visibility underpinned by the contracted backlog.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International said:
“We delivered a strong operational performance in the first quarter of the year, significantly accelerating revenue growth which increased by almost threefold compared to Q1 2018. Our results were supported by the steady ramp up of utilisation rates and the increasing contribution from the 2018 acquisitions.In line with our goal to optimise the Group’s capital structure and cost of funding, we have successfully completed a US$325 million bond offering and extended our KSA facility with a US$ 144 million top-up. Together, these facilities have strengthened our balance sheet and provide ample liquidity for our capital expenditure requirements.Our focus remains on extracting synergies and properly integrating the recently acquired rigs, tendering activity and maintaining excellent customer service and asset utilisation. ADES’ growing order backlog combined with improving end markets and higher utilisation rates provide significant growth potential and visibility, underpinning our confidence for 2019 and beyond.”
1 According to the latest published ISP report by IADC as of announcement date
View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005288/en/
Enquiries
ADES International HoldingHussein Badawy, IROir@adesgroup.com
InstinctifDavid SimonsonDinara Shikhametovaades@instinctif.com
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