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ADES International says bidding activity remains strong as it reports a 34% jump in nine month revenues

In an operational update for the nine-month period ended 30 September 2017, the group said its revenues were approximately US$119mln, a 34% year-on-year increase
Oil rig
ADES also maintained its full year guidance for revenue growth, normalised net profit and net profit margin

ADES International Holding PLC (LON:ADES) has revealed that bidding activity remains strong with a number of tenders expected to close in the next three months as the oil services group reported over a 30% jump in nine month revenues and said it is continuing to review acquisition opportunities.

In an operational update for the nine-month period ended 30 September 2017, the group  - which has offshore and onshore oil and gas drilling and production services in the Middle East and Africa – said its revenues were approximately US$119mln, a 34% year-on-year increase while maintaining stable margins.

READ: ADES International launches deepwater venture in Egypt

ADES – which started trading on the London Stock Exchange main market in May 2017 – also maintained its full year guidance with regards to revenue growth, normalised net profit and net profit margin.

The firm said its cash and cash equivalents stood at US$148.5mln at the period end, giving a net debt of US$73mln.

It added that its utilisation in the third quarter was 77%, maintaining a five-year average of 90% and it has an order backlog as of 30 September 2017 of US$401.7mln, excluding the recently awarded four-year contract for ADMARINE III.

Continuing to review acquisition opportunities

Dr Mohamed Farouk, ADES’ chief executive officer commented: "Our operational performance for the first nine months of 2017 has underpinned our strong outcome for the year.”

He added: “We also continue to review and make progress on acquisition opportunities and will update shareholders in due course.”

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