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16 Aug 2019 | 08:58

Ades expects earnings to more than double amid uptick in utilisation rates

Oil & gas drilling and production services provider Ades said it expected earnings to more than double in the first half of the year amid increasing contributions from newly acquired rigs and a steady ramp up in utilisation rates. For the six months ending 30 June, the company said it expected earnings (EBITDA) to increase to approximately $88.0m from $37.8m a year earlier, and revenues to increase to $219.9m from $79.7m. 'ADES delivered a strong operational performance in the first half of the year. Our results were driven by the increasing contributions from the newly acquired rigs and were further supported by the steady ramp up of utilisation rates,' the company said. 'We expect the trend to continue into H2 2019 and as a consequence we expect our trading performance to be in line with the Board's expectations for the full year, although the higher finance charges will have a modest impact on the overall outturn for the financial year,' it added.

At 8:58am: (LON:ADES) ADES International Holding Ltd share price was +0.2p at 13.45p

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