ADJUSTED EBITDA – $15M - Up $6M (67%) on improved volume,...

ADJUSTED EBITDA – $15M - Up $6M (67%) on improved volume, productivity and efficiency •
CASH FROM OPERATING ACTIVITIES – Zero cash used, $39M YOY improvement
• SG&A – $23M - US$4M YOY improvement (15%)
• ADJUSTED NET PROFIT AFTER TAX – $20M YOY improvement (59%)

Revenues for the first quarter ended 31 March 2018 were up 15% compared to the corresponding period in 2017, driven by higher volume both in the Drilling Services and Products divisions. Company saw a positive cash generation from operations in the first quarter compared to $39 million used in the corresponding period in 2017. Net working capital increased from 31 December 2017 levels, primarily due to higher receivables related to increasing revenues. The Company typically sees a net working capital build-up during the first half of the year followed by a release during the second half. The $39 million improvement demonstrates the positive impact of the Company’s ongoing focus on operating improvement and efficiency.

It appears a turn around happening.
The company do not need extra cash to support the business, no cash burn anymore.
And it becomes profit driven. And the outlook looks promising as it suggests that The Company typically sees a net working capital build-up during the first half of the year followed by a release during the second half, which means an even better second half.