EARNINGS WATCH- LSE-listed oil and gas services firm ADES International Holding is giving strong guidance ahead of the release of its 1H2017 results, saying it expects revenue to grow 45.6% y-o-y to north of USD 87.85 mn, according to a pre-close regulatory filing. The company reports a strong, liquid balance sheet as of 30 June 2017 with stable debt levels and a reduction in the cost of its debt. The company has also reported key contract renewals and new awards and confirmed its full-year revenue guidance.

The newly listed outfit noted that “Funds generated from the successful IPO in the period have provided us with the balance sheet strength and cash position to pursue our growing pipeline as well as other opportunities.” ADES’ Managing Director Mohamed Farouk said, “While ADES’ Board recognise the ongoing tough market conditions for the industry, our proposition of low-cost, non-harsh environment drilling services in jurisdictions particularly resilient to commodity price weaknesses leaves us well placed to execute our growth strategy through the second half of the year and beyond. We have been able to achieve continued excellent utilisation rates and deliver strong EBITDA performance consistently through the downturn and are still seeing strong bidding activity.” Read the full pre-close trading statement here.