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Enquest swings to post-tax profit in FY24 despite revenue drop
(Sharecast News) - North Sea-focussed exploration and production firm Enquest said on Thursday that it had swung to a post-tax profit in FY24 despite reporting a drop in both production and revenues. Enquest posted a reported profit after tax of $93.8m, a marked improvement when compared to the prior year's $30.8m loss, even as revenue and other income slipped from $1.48bn to $1.18bn and average production dropped from 43,812 in FY23 to 40,736 in FY24.
The London-listed firm also improved its net debt position in FY24, reducing it by $95.1m to $385.8m in what it called "another outstanding year of operational performance". As a result of its "strong financial position", Enquest proposed its maiden dividend, which for FY25 will be 0.616p per share, equivalent to roughly $15.0m.
Looking forward, Enquest stated that after producing 40.7k barrels of oil equivalent per day in FY24, year-to-date production from its existing portfolio was 43.0k boepd, excluding its Vietnam operations, tracking ahead of its guidance range of 40.0k-45.0k boepd, which includes approximately 5,000 boepd of pro forma volumes for Vietnam.
As of 0840 GMT, Enquest shares were up 4.80% at 13.98p.
Reporting by Iain Gilbert at Sharecast.com
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