REG - Enteq Technologies - Replacement - Half-year Report
05/12/2024 16:15
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RNS Number : 0334P Enteq Technologies PLC 05 December 2024
The following amendment has been made to the 'Replacement - Half-Year Report'
announcement released on 4 December 2024 at 12.39 p.m. under RNS No 8197O
In the 'Key highlights' section, the date for the demonstration at the
industry test facility in Catoosa, Oklahoma has been amended from 'December
2025' to 'December 2024'
All other details remain unchanged.
The full amended text is shown below.
Enteq Technologies plc
("Enteq", the "Company" or the "Group")
Interim results for the six months ended 30 September 2024
Enteq Technologies plc (AIM: NTQ.L) is pleased to announce its interim results
for the six months ended 30 September 2024.
Key highlights
Enteq Technologies plc is a specialist energy services engineering and
technology company with the flagship product being the SABER (Steer-At-Bit
Enteq Rotary) tool, a directional drilling technology.
· The SABER project, a novel and disruptive method of drilling
boreholes, has continued to progress through extensive downhole testing in
Australia with a long-standing customer (an AJ Lucas Group company ("Lucas"))
of our legacy business. An extensive track record has now been established
with over 14,000m (45,000 feet) of downhole in-well testing spanning over 57
days in a drilling environment, including a 12 day duration on the most recent
run. All indications are that the equipment is fit for purpose and will
perform as anticipated. Time has been taken for several performance
enhancements to be implemented by the engineering team during the testing,
enhancing ultimate reliability.
· With the stage gates having been met, the SABER system is now ready
for customer test active trial drilling runs of the full system. This has been
scheduled for the next available opportunity in the customer's well plan in
the new calendar year. Should this result in the successful drilling of three
wells it would then be expected to count as revenue from this customer.
· Post period end, in October 2024, a successful fund-raise was
completed raising $2.1 million gross (GBP 1.6 million), supporting working
capital for the finalisation of testing and initial commercialisation of
SABER. The Company continues to tightly manage cash, with all efforts focused
on deployment to market. Another demonstration at the industry test facility
in Catoosa, Oklahoma is scheduled for December 2024, for the purpose of
demonstrating the capability of the technology to potential customers.
· First revenues relating to SABER from the customer have been
recognised in the period.
· Enteq is pleased to announce the appointment of Stephen Kellett as
Commercial Director, effective 1 November 2024. Stephen joins the Company as
Commercial Director with a wealth of drilling services experience working
across major and independent drilling service companies for directional
drilling services (encompassing RSS, Logging While Drilling (LWD) and
Measurement While Drilling (MWD)), sales, new-country start-up of directional
drilling operations, and RSS new technology product launch, having operated in
the key target operational regions for Enteq including the US and GCC regions.
His experience spans a variety of commercial, management and operational
roles, with key relationships supporting the marketing of SABER technology.
This appointment is in-line with the business plan to drive the market
adoption of SABER through deployment of the initial fleet of equipment to
customers in the geothermal, oil and gas and other drilling markets. The
position is part-time (non-Board) with the flexibility to increase to full
time in-line with equipment availability.
Financial metrics
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
Units
EBITDA / (LBITDA) USD million (1.0) (1.1) (3.2)
Profit/(loss) after taxation USD million (1.0) (0.6) (2.1)
Profit/(loss) after taxation per share US cents (1.4) (0.8) (3.0)
Cash and cash equivalents USD million 1.1 5.0 3.0
Investments in fleet build USD million 0.4 - 0.4
Investments in engineering projects USD million 0.6 0.8 1.8
Andrew Law, CEO of Enteq Technologies plc, commented:
"In H1 FY25 we have conducted extensive SABER downhole customer testing in
Australia. We are confident of the tool's expected performance and reliability
and now look forward to active drilling run trials of the full system with the
customer. In addition we will continue to develop our track record in multiple
environments based on the proven steering capability, and we also look forward
to a demonstration at the industry test facility in Catoosa, Oklahoma.
We are confident that the SABER tool can address the needs of the industry,
with the current customer in Australia needing a cost-effective rotary
steerable, importantly with minimal downhole risk for their operations so they
can enable methane capture. In a recent meeting with the customer in
Australia, Greg Runge, the CEO of Lucas, highlighted to me the importance of
having access to a simple, cost-effective RSS with reduced downhole risk, to
enable and support the growth of methane capture efforts in Australia.
We are delighted to welcome Stephen Kellett to Enteq. His extensive experience
in drilling services and Rotary Steerable Systems with proven track record in
driving commercial success make him an invaluable addition to our leadership
team.
Stephen attended the recent ADIPEC trade show where his relationships and
network proved to be of great benefit in increasing our presence with
international service companies in the geothermal and oil and gas sectors. We
look forward to Stephen's valuable contribution as we advance our strategy to
expand our market presence with the introduction of SABER and build long-term
value for our shareholders."
For further information, please contact:
Enteq Technologies
plc
+44 (0)20 8087 2202
www.enteq.com (http://www.enteq.com)
Andrew Law, Chief Executive Officer
Cavendish Capital Markets Limited (NOMAD and
Broker) +44 (0)20
7720 0500
Ed Frisby, George Lawson (Corporate Finance)
Andrew Burdis (ECM)
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
COMBINED CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT
Overview
Enteq Technologies PLC ("Enteq" or "the Company" or "the Group") has a history
of developing and commercialising technologies for the oil, gas, geothermal
and other energy transition sectors around the world. The primary focus for
the Group is the commercialisation of SABER (Steer-At-Bit Enteq Rotary), a
novel alternative to existing Rotary Steerable Systems ("RSS") which steer the
bit during the drilling of a well.
The SABER tool is based on a concept for a RSS, originally developed by Shell,
as an alternative, simpler solution to the conventional mechanically complex
incumbent RSS systems requiring pads or pistons to create steering forces. The
SABER tool reduces the mechanical complexity by using an internally directed
fluid pressure differential system. The SABER tool utilises true at-bit
steering for the first time in the industry and the simplified design gives
the potential to improve efficiencies, reliability and project uptime compared
to conventional RSS solutions.
The Group has licence agreements in place with subsidiaries of Shell which
gives Enteq the global rights for this novel technology and IP. Enteq has
developed and refined the concept for commercial use, with Enteq generating
additional protected IP. Following successful field testing, the SABER tool is
now awaiting customer test active trial drilling runs of the full system,
prior to commercial deployment.
The global RSS market is worth c.$3.6 billion annually, in the opinion of the
Directors, and is a sub-set of the broader directional drilling market, worth
c.$11.8 billion annually, according to a recent 2023 report from Spears ((1)).
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). The
Group will provide the SABER tool to customers through a service arrangement
or equipment purchase, providing independent and regional directional drilling
companies more opportunity to compete with major integrated service companies
which have to date dominated this segment.
((1)) Source: Spears and Associates, Directional Drilling Report, Q2 2023
Financial performance
There has been a strong and ongoing focus on managing the Company's cash
position to underpin investment in product line development and build up an
initial inventory of operational SABER tools.
$0.7 million has been invested in SABER between 1 April 2024 and 30 September
2024, and the manufacture of the first generation of commercial tools was
completed in the period.
The first revenues of $25,000 relating to SABER have been recognised in the
period from the customer for SABER preparation and operational services.
The cash position at the end of the period was $1.1 million, a reduction of
$1.9 million from the balance as at 31 March 2024. Post period end, in October
2024, a successful equity fund-raise was completed raising $2.1 million gross
(GBP 1.6 million). Management expects that the future cash balances are
sufficient to complete further customer demonstrations and secure further
commercial contracts.
Operations
The Group's centre of product development and technical support is based in
Houston, United States, close to vendors and customers, with the Board based
in the United Kingdom and the United Arab Emirates. Additional international
business is supported through a network of experienced third-party sales team
representatives.
Organisation
There were a total of 11 employees at the end of September 2024, which has
been subsequently increased to 12 with the recent appointment of the
Commercial Director (non-Board).
Outlook
With a fundamentally robust energy market, the demand for efficient
directional drilling technologies continues to increase, alongside a strong
demand in the industry for competition, notably in the RSS market.
Building on the foundation of successful proof-of-concept trials in July 2023
and February 2024, Enteq's SABER technology has been undergoing extensive
customer testing in an operational environment in Australia. The system has
passed the necessary stage gates to now move forward to upcoming customer test
active trial drilling runs of the full system in Australia with the same
customer in the new calendar year. Additional customer agreements are
currently being pursued covering the key regions.
The Board is confident of progressing with the commercialisation of the SABER
tool and looks forward to fully introducing this potentially disruptive
technology into the market. The focus is on the commercialisation of SABER
through increasing the number of available tools and future deployment with
the existing customer and with potential new customers in the key regions.
This technology has the potential of producing attractive financial returns
and a significant upside in shareholder value.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER AND THE YEAR ENDED 31 MARCH 2024
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
Note USD '000 USD '000 USD '000
Continuing operations
Revenue 3 25 - -
Cost of sales - - -
Gross profit/(loss) 25 - -
Administrative expenses (981) (1,056) (3,256)
Foreign exchange (6) (11) (34)
Operating loss (962) (1,067) (3,290)
Finance income 4 25 37 211
Finance costs 4 (50) - (29)
Loss before taxation (987) (1,030) (3,108)
Taxation - - -
Loss from continuing operations (987) (1,030) (3,108)
Discontinued operations
Profit/(loss) from discontinued operations - 436 990
Total comprehensive loss for the year (987) (594) (2,118)
Earnings per share (in US cents) from continuing operations:
Basic 5 (1.4) (1.5) (4.4)
Diluted 5 (1.4) (1.5) (4.4)
Earnings per share (in US cents):
Basic 5 (1.4) (0.8) (3.0)
Diluted 5 (1.4) (0.8) (3.0)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 30 SEPTEMBER AND THE YEAR ENDED 31 MARCH 2024
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
Note USD '000 USD '000 USD '000
Non-current assets
Intangible assets 6 8,938 7,316 8,328
Property, plant and equipment 7 897 57 481
Right-of-use assets 134 - 176
9,969 7,373 8,985
Current assets
Trade and other receivables 8 362 519 375
Cash and cash equivalents 9 1,087 5,037 2,989
Deferred consideration receivable - - 467
Assets held for sale - 1,229 -
1,449 6,785 3,831
Total assets 11,418 14,158 12,816
Current liabilities
Trade and other payables 10 992 400 1,444
Lease liabilities 108 - 94
1,100 400 1,538
Non-current liabilities
Lease liabilities 162 - 200
162 - 200
Net assets 10,156 13,758 11,078
Equity
Share capital 11 1,110 1,080 1,104
Share premium 11 92,339 92,037 92,280
Share based payment reserve 11 10 686 10
Retained earnings 11 (83,303) (80,045) (82,316)
Total equity 10,156 13,758 11,078
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER AND THE YEAR ENDED 31 MARCH 2024
Share capital Share premium Share based payment reserve Retained earnings Total
USD '000 USD '000 USD '000 USD '000 USD '000
Equity as at 1 April 2023 1,080 92,037 448 (80,489) 13,076
Loss for the period - - - (594) (594)
Other comprehensive income - - - - -
Total comprehensive loss - - - (594) (594)
Issue of shares - - - - -
Share based payment charge - - 238 - 238
Transfers between reserves - - - - -
Total transactions with owners of the Company - - 238 - 238
Equity as at 30 September 2023 1,080 92,037 686 (81,083) 12,720
Loss for the period - - - (1,524) (1,524)
Other comprehensive income - - - - -
Total comprehensive loss - - - (1,524) (1,524)
Issue of shares 24 243 - - 267
Share based payment charge - - (385) - (385)
Transfers between reserves - - (291) 291 -
Total transactions with owners of the Company 24 243 (676) 291 (118)
Equity as at 31 March 2024 1,104 92,280 10 (82,316) 11,078
Loss for the period - - - (987) (987)
Other comprehensive income - - - - -
Total comprehensive loss - - - (987) (987)
Issue of shares 6 59 - - 65
Share based payment credit - - - - -
Transfers between reserves - - - - -
Total transactions with owners of the Company 6 59 - - 65
Equity as at 30 September 2024 1,110 92,339 10 (83,303) 10,156
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER AND THE YEAR ENDED 31 MARCH 2024
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Cash flows from/(used in) operating activities
Profit/(loss) before taxation from continuing operations (987) (1,030) (3,108)
Profit/(loss) from discontinued operations - 436 990
(987) (594) (2,118)
Adjustments for:
Finance income (25) 37 (211)
Finance expenses 50 - 29
Depreciation and amortisation 47 (13) 104
Impairment of right of use assets 81 - 92
Shares issued to employees in lieu of salary 65 - 267
Gain on sale of property, plant and equipment - 1,000 -
Gain on sale of discontinued operations - - (941)
Share based payment (credits)/charges - - (147)
Foreign exchange difference 6 (11) 34
Operating cash (out)flows before movements in working capital (763) 419 (2,891)
(Increase)/decrease in trade and other receivables 13 734 (138)
Increase/(decrease) in trade and other payables (452) (663) 153
Operating cash (out)/in flows (1,202) 490 (2,876)
R&D tax relief credit received 312 - -
Net cash (used in)/generated from operating activities (890) 490 (2,876)
Cash flows generated from/(used in) investing activities
Purchase of property, plant and equipment assets (421) - (441)
Expenditure on intangible assets (610) (832) (1,844)
Proceeds from sale of discontinued operations - - 2,659
Funds placed on interest bearing deposit - -
Interest received 25 37 163
Net cash generated from investing activities (1,006) (795) 537
Net (decrease)/ increase in cash and cash equivalents (1,896) (305) (2,339)
Foreign exchange movement (6) (9) (23)
Cash and cash equivalents at the beginning of the financial year 2,989 5,351 5,351
Cash and cash equivalents at the end of the financial year 1,087 5,037 2,989
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER AND THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
The principal activities of Enteq Technologies PLC ("Enteq" or "the Group" or
"the Company") and its subsidiaries is that of acquiring, consolidating and
operating companies providing specialist reach and recovery products and
technologies to the oil and gas services market.
Enteq Technologies PLC, the Group's ultimate parent Company, is a limited
liability Company incorporated and domiciled in England and Wales with its
registered office at 7 Albert Buildings, 49 Queen Victoria Street, London,
EC4N 4SA. The Company's shares are admitted to trading on the AIM Market of
the London Stock Exchange.
2 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The annual consolidated financial statements of the Group will prepared in
accordance with UK adopted International Accounting Standards and the
requirements of the Companies Act 2006. These condensed consolidated interim
financial statements for the six month period ended 30 September 2024 have
been prepared in accordance with UK adopted International Accounting Standard
("IAS") 34, 'Interim Financial Reporting' and the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
The financial information for the six month period ended 30 September 2024 is
unaudited and has not been formally reviewed by the auditors under the
Auditing Practices Board and guidance in ISRE 2410. It does not constitute
statutory financial statements within the meaning of Section 434 of the
Companies Act 2006.
This report should be read in conjunction with the Group's Annual Report and
Financial Statements for the year ended 31 March 2024 ("previous Annual Report
and Financial Statements"), which were prepared in accordance with UK adopted
International Accounting Standards. The previous Annual Report and Financial
Statements have been filed with the Registrar of Companies and are available
on the Group's website (www.enteq.com). The auditors' report of the previous
accounts was unqualified, did not draw attention to any matters by way of
emphasis, and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
The condensed consolidated interim financial statements have been prepared on
an accrual basis and under the historical cost convention. Monetary amounts
are expressed in United States Dollars ("USD or "$") and are rounded to the
nearest thousand, except for earnings per share ("US cents").
The condensed consolidated interim financial statements were approved by the
Board of Directors on 3 December 2024.
Going concern
The condensed consolidated financial statements of the Group are prepared on a
going concern basis. The Directors of the Group assert that the preparation of
the condensed consolidated financial statements on a going concern basis is
appropriate, which is based upon a review of the future forecast performance
of the Group for a period exceeding 12 months to 31 December 2025.
The Group monitors its funding and liquidity position throughout the year to
ensure it has sufficient funds to meet its ongoing cash requirements. Cash
forecasts are produced based on a number of inputs such as estimated revenues,
margins, overheads, collection and payment terms, research and development
spend and capital expenditure requirements. In preparing these forecasts, the
Directors have considered the principal risks and uncertainties to which the
business is exposed. As at 30 September 2024, the Group has available cash
balances of $1.1 million and no debt.
Cash flow forecasts prepared up to 31 December 2025, show sufficient cash
resources to enable the funding of working capital, completing the testing of
the SABER tool fleet and the completion of the build of the initial set of
SABER tools in the fleet to enable the generation of revenue from this new
technology. The Directors performed sensitivity analysis on the going concern
assumptions to determine whether plausible downside scenarios which include
cash conservation, leave the Company with sufficient headroom. The cash
forecasts indicate that the Group has adequate financial resources to continue
to trade for the foreseeable future and meet its obligations as they fall due.
Accounting policies
The condensed consolidated interim financial statements have been prepared in
accordance with the accounting policies set on pages 36-42 of the previous
Annual Report and Financial Statements which can be found on the Group's
website.
Critical accounting judgements and estimates
In preparing the condensed consolidated interim financial statements,
management has made judgements, estimates and assumptions that affect the
application of the accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to estimates are recognised prospectively.
Standards, amendments, and interpretations not yet effective
A number of amendments and interpretations have been issued which are not
expected to have any significant impact on the accounting policies and
reporting.
Standards and amendments effective for the period
There are no new or amended standards or interpretations from 1 October 2024
onwards that have a significant impact on the accounting policies and
reporting.
3 SEGMENTAL REPORTING
For management purposes, the Group is currently organised into a single
business unit, the Drilling Tools division, which is currently based solely in
the United States.
There is only one operating segment of the Group, relating to the SABER tool.
Revenue in the period was generated solely from this operating segment,
revenue for the financial year ended 31 March 2024 generated from the
discontinued XXT business and arose from the sale of MWD equipment.
The revenues, net assets and non-current assets of the Group can be analysed
by geographic location (post-consolidation adjustments) as follows:
Revenue
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Australasia 25 - -
United States of America - - 49
25 - 49
Contracts with customers 25 - 49
Net assets
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
United States of America 8,342 9,239 9,031
Europe 1,814 4,519 2,047
10,156 13,758 11,078
Non-current assets
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
United States of America 9,939 7,331 8,949
Europe 30 42 36
9,969 7,373 8,985
4 FINANCE INCOME AND FINANCE EXPENSES
Finance income
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Bank interest 25 37 211
Finance expenses
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Interest on lease liabilities 50 - 29
5 EARNINGS PER SHARE AND DIVIDENDS
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares in
issue during the period.
Diluted earnings per share
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Group has dilutive potential ordinary shares arising from share
options granted to employees under various share schemes.
As the Group is loss making, any potential ordinary shares have the effect of
being anti-dilutive. Therefore, the diluted earnings per share is the same as
the basic earnings per share.
Unaudited Audited
Six months ended Year ended
30 September 31 March
Units 2024 2023 2024
Earnings attributable to equity shareholders of the Group:
Loss from continuing operations USD '000 987 1,030 3,108
Loss for the period USD '000 987 594 2,118
Number of shares:
Weighted average number of ordinary shares at period end '000 71,668 70,313 70,898
Add dilutive effect of share based payment plans '000 - - -
'000 71,668 70,313 70,898
Earnings per share from continuing operations:
Basic US cents (1.4) (1.5) (4.4)
Diluted US cents (1.4) (1.5) (4.4)
Earnings per share:
Basic US cents (1.4) (0.8) (3.0)
Diluted US cents (1.4) (0.8) (3.0)
Dividends
During the period the Group did not pay any dividends.
6 INTANGIBLE ASSETS
IPR&D Technology Total
USD '000 USD '000
Cost
As at 1 April 2023 17,804 17,804
Additions 832 832
As at 30 September 2023 18,636 18,636
Additions 1,012 1,012
As at 31 March 2024 19,648 19,648
Additions 610 610
As at 30 September 2024 20,258 20,258
Accumulated amortisation
As at 1 April 2023 11,320 11,320
Charge for the period - -
As at 30 September 2023 11,320 11,320
Charge for the period - -
As at 31 March 2024 11,320 11,320
Charge for the period - -
As at 30 September 2024 11,320 11,320
Net book value
As at 30 September 2023 7,316 7,316
As at 31 March 2024 8,328 8,328
As at 30 September 2024 8,938 8,938
In-process research and development ("IPR&D") technology relates to
technology which is in the final stages of field testing, has demonstrable
commercial value and is expected to be launched within the foreseeable future.
Intangible assets are amortised on a straight-line basis over their respective
useful lives. The SABER project will have its useful life assessed once the
field trials have been completed which will give a better estimate of the
useful life of this asset.
7 PROPERTY, PLANT AND EQUIPMENT
Assets under construction Assets held for rental Other assets Total
USD '000 USD '000 USD '000 USD '000
Cost
As at 1 April 2023 - - 460 460
Additions - - - -
As at 30 September 2023 - - 460 460
Additions 432 - 9 441
Disposals - - (97) (97)
As at 31 March 2024 432 - 372 804
Additions 421 - 3 424
Transfer (648) 648 - -
As at 30 September 2024 205 648 375 1,228
Accumulated depreciation
As at 1 April 2022 - - 397 397
Charge for the period - - 6 6
Disposals - - - -
As at 31 March 2023 - - 403 403
Charge for the period - - 17 17
Disposals - - (97) (97)
As at 31 March 2024 - - 323 323
Charge for the period - - 8 8
As at 30 September 2024 - - 331 331
Net book value
As at 30 September 2023 - - 57 57
As at 31 March 2024 432 - 49 481
As at 30 September 2024 205 648 44 897
Assets under construction and assets held for rental both relate to SABER
fleet build expenditure.
8 TRADE AND OTHER RECEIVABLES
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Trade receivables 116 - 100
Prepayments 138 131 165
Other receivables 108 388 110
362 519 375
The Directors consider that the carrying amount of trade receivables and
accrued income approximates to fair value.
9 CASH AND CASH EQUIVALENTS
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
USD denominated balances 1,029 4,915 2,347
GBP denominated balances 58 122 642
1,087 5,037 2,989
The Directors consider that the carrying amount of cash and cash equivalents
equates to fair value.
10 TRADE AND OTHER PAYABLES
Unaudited Audited
Six months ended Year ended
30 September 31 March
2024 2023 2024
USD '000 USD '000 USD '000
Trade payables 284 180 723
Accruals and other payables 708 220 721
992 400 1,444
The Directors consider that the carrying amount of trade and other payables
equates to fair value.
11 SHARE CAPITAL AND RESERVES
Issued share capital
Number of Ordinary and Incentive shares Value
USD '000
As at 30 September 2023 69,724,006 1,080
As at 31 March 2024 71,667,814 1,104
As at 30 September 2024 72,126,715 1,110
The Company has 72,076,715 ordinary shares and 50,000 incentive shares in
issue as at 30 September 2024.
Issued share capital represents the number of shares in issue at their nominal
value (GBP 0.01). The holders of Ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one vote per share
at meetings of the Company. The holders of Incentive shares have no rights to
vote or receive dividends.
On 25 September 2024, the Company issued 458,901 newly authorised ordinary
shares to directors at a subscription price of GBP 0.1063 in compensation for
elements of remuneration foregone in respect of the period 1 November 2023 to
31 March 2024.
Share premium
Share premium represents the amount over the par value which was received by
the Group upon the sale of the ordinary shares.
Share based payment reserve
The share based payment reserve is built up of charges in relation to equity
settled share based payment arrangements which have been recognised within the
consolidated statement of profit and loss.
Retained earnings
The movement in retained earnings is as set out in the consolidated statement
of changes in equity. Retained earnings represent cumulative profits or
losses, net of dividends and other adjustments.
12 SUBSEQUENT EVENTS
Post period end, in October 2024, the Company completed a successful
fund-raise raising $2.1 million gross (GBP 1.6 million), supporting working
capital for the finalisation of testing and initial commercialisation of
SABER.
There were no other adjusting or non-adjusting events that occurred after the
period end date.
13 COPIES OF THE INTERIM RESULTS
Copies of the interim results are available from the Group's website at
www.enteq.com (http://www.enteq.com) .
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