Enteq Technologies have reported a pretax loss of £670 000 (USD 0.8million) despite doubling revenue to £4.13million (USD4.9million) from £1.94 million (USD2.3million).
The Ascot based firm released their H1 report this week detailing financials up to end of September 22.
Enteq's pretax loss improved from £1.01million (USD1.2 million) in the first half of FY 2021.
The firm reported the key revenue driver has been the steady increase in North American drilling activity.
Cost of sales rose year on year to £2.95million (USD3.5 million) from £1.26million (USD1.5 million).
Chairman Martin Perry said: "As a step change to the original Measurement While Drilling (MWD) business, Enteq is commercialising the SABER (Steer At-Bit Enteq Rotary) RSS Tool, a truly disruptive and unique alternative to both conventional RSS and traditional directional drilling.
"SABER can allow Enteq to access a considerably larger addressable market with notably fewer active competitors compared to those in the MWD market.
"Enteq continues to adapt to the changing global and industry dynamics by focusing on the higher margin potential in the significantly larger growth market of Rotary Steerable Drilling where SABER can offer a differentiated and cost-effective alternative."
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