TIDMNTQ
RNS Number : 7402S
Enteq Technologies PLC
18 November 2021
Enteq Technologies plc
("Enteq", the "Company" or the "Group")
Interim results for the six months ended 30 September 2021
and
IMC Investor Presentation
Enteq Technologies plc (AIM: NTQ.L) the energy services
technology and equipment supplier, today announces its interim
results for the six months ended 30 September 2021.
Key Highlights
-- SABER rotary steerable system progressed into the field trial
phase in a live drilling environment. Field trial results in
October demonstrated the ability of the SABER control system to
function downhole in-line with the test criteria. The SABER system
has proven successful in reaching the development programme
milestones and validating all expectations to date.
-- North American market has strengthened, with rental and sales
revenues coming from new and existing customers. Post period end an
order valued at US$1.4m was received.
-- Despite China stagnation (6 months to 30 September 2021:
US$0.1m; 6 months to 30 September 2020 US$1.8m) and a lag in
international market recovery due to ongoing COVID related
restrictions, equipment was delivered to new customers in two new
geographies.
-- Reduction in current underlying overheads of 25% compared to
the same time last year, continued focus on cost and cash
management.
-- Investment made in SABER of US$1.0m leaving a cash balance of
US$5.3m at 30 September 2021 (March 2021: US$8.1m). The cash
balance as at 17 November 2021 being US$6.3m.
Financial metrics
Six months ended 30 September:
2021 2020
US$m US$m
* Revenue 2.3 2.6
* Adjusted EBITDA* (0.6) 0.1
* Post tax loss for the period 1.2 0.7
* Loss per share (cents) 1.8 1.1
* Cash balance 5.3 8.8
Outlook
-- SABER progressing to North American field-trials in early
2022, where there is strong customer and partner interest and good
market potential. Expected successful development of SABER will
greatly expand Enteq's addressable market. Opening of UK technology
and manufacturing centre to support SABER's growth and
expansion.
-- Further recovery of the North American market anticipated
based on current oil price and ongoing increase in rig count.
-- International activity, which typically lags North America, expected to start increasing.
-- Two exclusive distribution agreements with third-party
technology providers have been recently signed. These will enhance
and complement Enteq's current product range.
-- Revenues for financial year to date (1 April to 31 October)
of US$3.2m, and current order book of US$2.0m, provides confidence
in the Board's expectations for the full year.
Andrew Law, CEO of Enteq Technologies plc, commented:
"Enteq's game-changing SABER has the potential to significantly
increase Enteq's addressable market. The system has performed
beyond expectations during the initial field trial phase and system
testing. Enteq is well-placed to take SABER through to
commercialisation.
It has been encouraging to see the North American market recover
during this first half of the financial year, with Enteq's
customers already starting to increase capacity. The international
market has seen a slower response to the oil price relating to
COVID, which is to be expected. Despite this challenging
international market, sales were made to new customers in two new
markets.
Key team members have been added to the core MWD business and to
the SABER team to provide renewed focus on each business unit.
The combination of improving market conditions, a strengthened
team and progress of SABER continues to give the Board grounds for
optimism regarding the short, medium and long-term outlook for
Enteq."
Investor Presentation
Please note that Andrew Law and David Steel, Chief Financial
Officer, will be providing a live presentation relating to these
results via the Investor Meet Company platform on 26 November 2021
at 10:30am GMT.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 9.00am the day before the meeting
or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and
attend this presentation via
https://www.investormeetcompany.com/enteq-upstream-plc/register-investor
. Investors who already follow Enteq on the Investor Meet Company
platform will automatically be invited.
For further information, please contact:
Enteq Technologies plc +44 (0)1494 618739
www.enteq.com
Andrew Law, Chief Executive Officer
David Steel, Chief Financial Officer
finnCap Ltd (NOMAD and Broker) +44 (0)20 7220 0500
Ed Frisby, Emily Watts, Tim Harper (Corporate Finance)
Andrew Burdis, Barney Hayward (ECM)
(*) Adjusted EBITDA is reported profit before tax adjusted for
interest, depreciation, amortisation, foreign exchange movements,
performance share plan charges and exceptional items - see note
5
Interim Report
CHAIRMAN & CHIEF EXECUTIVE OFFICER'S REPORT
Overview
Enteq supplies and develops drilling and measurement technology
for the worldwide oil, gas and geothermal directional drilling
markets. Enteq provides equipment through rental or purchase,
enabling independent and regional directional drilling companies to
operate as an alternative to major integrated service companies.
Directional drilling encompasses Measurement While Drilling ("MWD")
and Rotary Steerable Systems (RSS).
Enteq continues to focus the existing MWD business on the
development, manufacture and supply of equipment. MWD equipment is
required on every rig which drills directional wells and over many
years Enteq has established market share based on reputation for
reliability both in North America, where operations using Enteq
equipment are regularly being carried out on a significant number
of rigs, and in addition in key international areas.
As a step change to the MWD business, Enteq is commercialising
the SABER (Steer At-Bit Enteq Rotary) RSS Tool, a disruptive
alternative to traditional directional drilling, which gives Enteq
access to a significantly larger addressable market. The SABER
Tool, launched in March this year, is an evolution of the
intellectual property developed, proven in concept and tested by
Shell. Enteq has the exclusive worldwide licence to the
intellectual property and is now progressing through the field
trial programme.
Technology Update
Development of the SABER system has progressed well, having
completed initial system testing before proceeding into the field
trial phase in a live operating location. The SABER system, based
on Shell's initial working prototype, has been completely
re-engineered to increase the operating range, performance and
reliability. Testing has successfully demonstrated the ability of
the SABER control system to correctly function in downhole
conditions. The ongoing field trial phase consists of a systematic
testing programme, with the SABER system being operated downhole in
a live well environment.
The next phase, expected to be in early 2022, is to advance into
field testing in North America, where there continues to be strong
interest in SABER from Enteq's customer base.
Financial performance
The half year revenue of US$2.3m has been driven primarily by
the steady increase in North American drilling activity. The North
American market recovery has been a function of the steady increase
in the price of a barrel of WTI; rising from approximately US$61 on
1 April to the current level of around US$80. The North American
active drilling rig count has risen by almost 25%; from 430 on 1
April to 528 at the end of September whereas the international
markets have been slower to respond. North American drilling
activity typically responds quicker than international markets
however this response is more pronounced than usual, with the
international markets being much slower to respond, most likely
relating to the impact from COVID.
Even though the international market has been challenging, there
have been significant sales for two new customers in two new
countries. The proportion of international revenue was 28% in this
reporting period compared to 50% in the six months to 31 March
2021.
The reported gross margin is 37% in the first half of this year
compared with the 60% reported in the equivalent period to 30
September 2020 and the 46% seen in the six months to 31 March 2021.
This is due to a lower proportion of sales coming from the high
margin rental revenue stream (from 33% to 23%) combined with a
higher proportion coming from the lower margin mechanical component
product line (up from 6% to 16%).
In the six months ended 30 September 2021, administrative
expenses before amortisation, depreciation and long-term incentive
scheme charges were US$1.4m, down from the US$1.5m in the six
months to September 2020, and up from the US$1.2m in the six months
to 31 March 2021. The current run rate of underlying group
overheads represents a 25% reduction on the US$1.5m seen in this
reporting period last year (a 22% reduction on the overheads in
this reporting period).
The adjusted EBITDA loss in the period was US$0.6m down from a
profit of US$0.1m in the equivalent period last year and a
breakeven position in the 6 months to 31 March 2021. The primary
reason for the negative movement was the reduced gross margin on
similar levels of revenue. A reconciliation between the reported
loss and the adjusted EBITDA loss is shown in note 5 to the
Financial Statements below.
Cash balance and cashflow
As at 30 September 2021 the Group had a cash balance of US$5.3m,
down US$2.8m over the figure as at 31 March 2021.
The half year cash movement can be analysed as follows:
US$m
Adjusted EBITDA loss (0.6)
Change in trade and other receivables (0.1)
Change in trade and other payables -
Change in inventory -
Operational cashflow (0.7)
Increase in the rental fleet (1.1)
R&D expenditure (1.0)
Net cash movement (2.8)
Cash balances as at 1 April 2021 8.1
--------------------------------------- -------
Cash balances as at 30 September 2021 5.3
======================================= =======
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.
The increase in the rental fleet relates to six new kits being
out on rental in North America, including two kits with a new
customer.
The R&D expenditure was primarily relating to the SABER
Rotary Steerable System development program.
Operations
As SABER has reached the development milestones set to date,
Enteq is in the process of opening a technology and manufacturing
centre. SABER systems will be built at this facility, as well as
supporting the sustaining engineering function. The facility will
be located close to Cheltenham, UK, one of the global centres of
expertise for Rotary Steerable Systems with access to specialised
engineering and machining firms.
The core engineering, manufacturing and distribution functions
continue to operate from the Enteq owned facility in Houston,
Texas.
Organisation
The sales function was reinforced with the addition of a VP
Business Development in May 2021. This addition has strengthened
customer engagement in North America and internationally, already
resulting in revenues from new and existing customers.
The two recently announced distribution agreements with Erdos
Miller and Mezintel add complementary product functionality to both
SABER (Steer At-Bit Enteq Rotary) and MWD (Measurement While
Drilling) product lines.
Effective 1 November 2021 a Reliability Engineer has been hired
to underpin the SABER project. Reliability is a critical factor for
the successful introduction of technologies such as SABER to
customers.
Board
From 1 April 2021 Andrew Law became the Chief Executive Officer
(CEO) with Martin Perry, the previous CEO, becoming the
Non-executive Chairman. From the same date Neil Hartley assumed the
role of Senior Independent Director and Iain Paterson, the previous
Chairman, became a Non-executive Director. David Steel continues to
serve on the Board with the new title of Chief Financial
Officer.
Outlook
With SABER progressing well through field trials and the MWD
product range enhanced by the exclusive distribution agreements,
Enteq is well positioned to benefit from the ongoing market
recovery. This provides confidence in the Board's expectations for
the full year.
Andrew Law Martin Perry
Chief Executive Chairman
Enteq Technologies plc
17 November 2021
Enteq Technologies plc
Condensed Consolidated Income Statement
Six months Six months Year to
to 30 to 30 31 March
September September 2021
2021 2020
Unaudited Unaudited Audited
Notes US$ 000's US$ 000's US$ 000's
Revenue 2,318 2,596 5,078
Cost of Sales (1,457) (1,029) (2,367)
Gross Profit 861 1,567 2,711
Administrative expenses before
amortisation (1,877) (1,998) (3,851)
Bad debt provision charge to
income statement - - (56)
Amortisation of acquired intangibles 10 (170) - (19)
Other exceptional items 6 (16) (420) (85)
Foreign exchange (loss)/gain
on operating activities (10) 46 78
----------- ----------- ----------
Total Administrative expenses (2,073) (2,372) (3,933)
Operating loss (1,212) (805) (1,222)
Finance income 7 46 67
Loss before tax (1,205) (759) (1,155)
Tax expense 9 - 29 46
Loss for the period 5 (1,205) (730) (1,109)
========================================= ====== =========== =========== ==========
Loss attributable to:
Owners of the parent (1,205) (730) (1,109)
========================================= ====== =========== =========== ==========
Earnings/loss per share (in
US cents): 8
Basic (1.8) (1.1) (1.7)
Diluted (1.8) (1.1) (1.7)
Condensed Consolidated Statement
of Comprehensive Income
Six months Six months Year
to 30 September to 30 to 31
2021 September March
2020 2021
Unaudited Unaudited Audited
US$ 000's US$ 000's US$ 000's
Loss for the period (1,205) (730) (1,109)
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 (1,205) (730) (1,109)
-------------------------------------- ----------------- ----------- ----------
Total comprehensive income
attributable to:
------------------------------------- ----------------- ----------- ----------
Owners of the parent (1,205) (730) (1,109)
-------------------------------------- ----------------- ----------- ----------
Enteq Technologies plc
Condensed Statement of Financial Position
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
Notes US$ 000's US$ 000's US$ 000's
Non-current assets
Intangible assets 10 2,517 665 1,728
Property, plant and equipment 2,201 2,394 2,264
Rental fleet 851 854 8
Trade and other receivables
greater than one year 66 - 168
------------------------------- ------ -------------
Non-current assets 5,635 3,913 4,168
------------------------------- ------ ------------- ------------- ----------
Current assets
Trade and other receivables 2,649 1,617 2,405
Inventories 2,856 2,790 2,888
Cash and cash equivalents 5,335 8,827 8,059
------------------------------- ------ ------------- -------------
Current assets 10,840 13,234 13,352
------------------------------- ------ ------------- ------------- ----------
Total assets 16,475 17,147 17,520
=============================== ====== ============= ============= ==========
Equity and liabilities
Equity
Share capital 11 1,070 1,051 1,056
Share premium 91,884 91,724 91,789
Share based payment reserve 315 751 455
Retained earnings (78,312) (77,673) (77,324)
------------------------------- ------ ----------
Total equity 14,957 15,853 15,976
------------------------------- ------ ------------- ------------- ----------
Current Liabilities
Trade and other payables 1,518 1,294 1,544
------------------------------- ------ ------------- ------------- ----------
Total equity and liabilities 16,475 17,147 17,520
=============================== ====== ============= ============= ==========
Enteq Technologies plc
Condensed Consolidated Statement of Changes
in Equity
Six months to 30 September 2021
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 14 - 95 - 109
Transfer between reserves - 217 - (217) -
Share based payment
charge - - - 77 77
---------- ----------
Transactions with owners 14 217 95 (140) 186
------------------------------ ---------- ---------- ---------- ---------- ----------
Loss for the period - (1,205) - - (1,205)
Total comprehensive
income - (1,205) - - (1,205)
------------------------------ ---------- ---------- ---------- ---------- ----------
Movement in period: 14 (988) 95 (140) (1,019)
As at 1 April 2021 (audited) 1,056 (77,324) 91,789 455 15,976
------------------------------ ---------- ---------- ---------- ---------- ----------
As at 30 September 2021
(unaudited) 1,070 (78,312) 91,884 315 14,957
============================== ========== ========== ========== ========== ==========
Six months to 30 September 2020
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 22 - 181 - 203
Share based payment
charge - - - 117 117
---------- ----------
Transactions with owners 22 - 181 117 320
------------------------------ ---------- ---------- ---------- ---------- ----------
Loss for the period - (457) - - (457)
Total comprehensive
income - (457) - - (457)
------------------------------ ---------- ---------- ---------- ---------- ----------
Movement in period: 22 (457) 181 117 (137)
As at 1 April 2020 (audited) 1,005 (69,105) 91,398 750 24,048
------------------------------ ---------- ---------- ---------- ---------- ----------
As at 30 September 2020
(unaudited) 1,027 (69,562) 91,579 867 23,911
============================== ========== ========== ========== ========== ==========
Enteq Technologies plc
Condensed Consolidated Statement of Cash
flows
Six months Six months Year
to to to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
US$ 000's US$ 000's US$ 000's
Cash flows from operating activities:
Loss for the period (1,205) (730) (1,109)
Tax credit - (29) -
Gain on disposal of fixed assets (20) - (455)
Net finance income (7) (46) (67)
Share-based payment non-cash charges 75 (297) 135
Impact of foreign exchange movement (10) (46) 78
Depreciation, amortisation and exceptional
charges 525 820 1,130
(642) (328) (288)
Tax received 46
(Increase)/decrease in inventory 34 321 222
Decrease/(increase) in trade and
other receivables (143) 409 (554)
(Decrease)/increase in trade and
other payables (26) (851) (820)
Increase in rental fleet assets (1,128) (618) (17)
Net cash from operating activities (1,905) (1,067) (1,411)
---------------------------------------------- -------------- -------------- ----------
Investing activities
Purchase of tangible fixed assets (6) (18) (29)
Disposal proceeds of tangible fixed
assets 20 - 511
Purchase of intangible fixed assets (959) (531) (1,423)
Interest received 7 46 67
---------------------------------------------- -------------- --------------
Net cash from investing activities (938) (503) (874)
---------------------------------------------- -------------- -------------- ----------
Financing activities
Share issue 109 168 239
---------------------------------------------- -------------- --------------
Net cash from financing activities 109 168 239
---------------------------------------------- -------------- -------------- ----------
Increase/(decrease) in cash and cash
equivalents (2,734) (1,402) (2,046)
Non-cash movements - foreign exchange 10 46 (78)
Cash and cash equivalents at beginning
of period 8,059 10,183 10,183
Cash and cash equivalents at end
of period 5,336 8,827 8,059
============================================== ============== ============== ==========
ENTEQ TECHNOLOGIES PLC
NOTES TO THE FINANCIAL STATEMENTS
For the six months to 30 September 2021
1. Reporting entity
On 18 October 2021, Enteq Upstream plc ("the Company") changed
its name to Enteq Technologies 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") 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 2021 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 2021 has been delivered to the Registrar of
Companies. The auditors have reported on these accounts; their
reports were unqualified, but did draw attention to the uncertainty
regarding the carrying value of the inventory by way of emphasis
without qualifying their report and did not contain statements
under s498(2) or (3) 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$), which is also the functional
currency of the parent company. These condensed consolidated
interim financial statements (the interim financial statements)
have been approved for issue by the Board of directors on 17
November 2021.
This half-yearly financial report has not been audited and has
not been formally reviewed by auditors under the Auditing Practices
Board guidance in ISRE 2410.
3. Accounting policies
The interim financial statements have been prepared on the basis
of the accounting policies and methods of computation applicable
for the period ended 31 March 2021. These accounting policies are
consistent with those applied in the preparation of the accounts
for the period ended 31 March 2021.
4. Estimates
When preparing the interim financial statements, management
undertakes a number of judgements, estimates and assumptions about
recognition and measurement of assets, liabilities, income and
expenses. The actual results may differ from the judgements,
estimates and assumptions made by management, and will seldom equal
the estimated results. The judgements, estimates and assumptions
applied in the interim financial statements, including the key
sources of estimation uncertainty were the same as those applied in
the Group's last annual financial statements for the year ended 31
March 2021.
5. Adjusted earnings and adjusted EBITDA
The following analysis illustrates the performance of the
Group's activities, and reconciles the Group's loss, as shown in
the condensed consolidated interim income statement, to adjusted
earnings. Adjusted earnings are presented to provide a better
indication of overall financial performance and to reflect how the
business is managed and measured on a day-today basis. Adjusted
earnings before interest, taxation, depreciation and amortisation
("adjusted EBITDA") is also presented as it is a key performance
indicator used by management.
Six months Six months Year to
to 30 September to 30 September 31 March
2021 2020 2021
US$ 000's US$ 000's US$ 000's
Unaudited Unaudited Audited
Loss attributable to ordinary
shareholders (1,205) (730) (1,109)
Exceptional items 16 420 85
Amortisation of acquired intangible
assets 170 - 18
Foreign exchange movements 10 (46) (78)
----------------- ----------------- ----------
Adjusted earnings (1,009) (356) (1,084)
Depreciation charge 355 820 1,111
Finance income (7) (46) (67)
PSP credit/(charge) 100 (302) 165
Tax credit - (29) (46)
Adjusted EBITDA (561) 87 79
================= ================= ==========
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
2021 2020 2021
US$ 000's US$ 000's US$ 000's
Unaudited Unaudited Audited
Severance payments 38 363 397
Aborted project costs incurred - 57 147
Gain on sale of fixed assets (20) - (455)
Other (2) - (4)
----------------- ----------------- ----------
Exceptional items 16 420 85
================= ================= ==========
7. 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 31 March
2021 2020 2021
US$ 000's US$ 000's US$ 000's
Unaudited Unaudited Audited
Europe (UK) 4,512 7,768 6,674
United States 10,443 8,085 9,302
------------- ------------- ----------
Total Net Assets 14,955 15,853 15,976
============= ============= ==========
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$1,205,000 (September 2020: loss of US$730,400) by the weighted
average number of ordinary shares in issue during the period of
68,415,563 (September 2020: 66,452,000).
9. Income Tax
No tax liability arose on ordinary activities for the six months
under review. The 2020 tax credit of US$29,000 relates to the
receipt of UK R&D tax reclaimed.
10. Intangible Fixed Assets
Other Intangible Fixed Assets
Developed IPR&D technology Brand Customer
technology names relationships Total
US$ 000's US$ 000's US$ US$ 000's US$ 000's
000's
Cost:
As at 1 April
2021 12,842 13,048 1,240 20,586 47,716
Capitalised in
period - 959 - - 959
------------ ----------------- ------- --------------- ----------
As at 30 September
2021 12,842 14,007 1,240 20,586 48,675
------------ ----------------- ------- --------------- ----------
Amortisation:
As at 1 April
2021 12,842 11,320 1,240 20,586 45,988
Charge for the
period - 170 - - 170
As at 30 September
2021 12,842 11,490 1,240 20,586 46,158
------------ ----------------- ------- --------------- ----------
Net Book Value:
------------ ----------------- ------- --------------- ----------
As at 1 April
2021 - 1,728 - - 1,728
============ ================= ======= =============== ==========
As at 30 September
2021 - 2,517 - - 2,517
============ ================= ======= =============== ==========
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.
Customer relationships:
The value associated with the on-going trading relationships
with the key customers acquired.
11. Share capital
Share capital as at 30 September 2021 amounted to US$1,070,000
(31 March 2021: US$1,056,000 and 30 September 2020:
US$1,051,000).
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 2021 of US$5.3 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 12 o 14 of
the Annual Report and Accounts for the period ended 31 March 2021.
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 2021.
15. Copies of the interim results
Copies of the interim results are available from the Group's
website at www.enteq.com.
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