Enteq Upstream to beat full-year expectations

Enteq Upstream, the AIM-listed oil and gas technology and products firm, said that full-year results will be above market forecasts.

Enteq Upstream, the AIM-listed oil and gas technology and products firm, said that full-year results will be above market forecasts.

The firm said that it had experienced some renewed order intake and shipments since its last update.

Results for the year to March 31st, which also include partial year's trading for two acquisitions last year - XXT bought in May 2012 and KM Services and Pro-Flow purchased in July 2012 - will be "slightly ahead of expectations", the firm said.

Enteq, which listed in London in July 2011, focuses on acquiring and consolidating companies with specialist products for the upstream oil and gas services market.

"The directors are encouraged by more positive customer sentiment in North America and we continue with the strategy of investing in development of a broader product line for the world-wide directional drilling and oilfield services market," said Chief Executive Officer Martin Perry.

Results, to be announced on June 19th, are expected to show a pre-tax loss of £0.37m, better than the £3.31m loss the year before.

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