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ADES International shows revenues rose strongly in 2019

Published: 19:33 24 Feb 2020 AEDT

ADES International Holding PLC - ADES International shows revenues rose strongly in 2019

 

ADES International Holding PLC (LON:ADES) told investors that its revenues rose by around 132% in 2019.

The oil and gas rig and equipment contractor, in a trading statement ahead of full-year results, said that revenues for the year amounted to US$477.8mln versus US$205.6mln in the year before.

Earnings (EBITDA) are expected to exceed US$188mln, up from US$101.1mln.

READ: ADES extends Middle East contract on improved terms

Order backlog had increased to US$1.3bn by the end of December, compared to US$1.2bn at the end of 2018.

Net debt reduced to stand at US$606mln at the end of December, down from US$616.9mln at the end of ADES third quarter. The company said it expects to continue to deliver further improvements in its net debt position during the current financial year.

It had US$119.6mln of cash at the end of 2019.

ADES is due to release its full-year financial results statement for 2019 on 30 March 2020.

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