Cathedral Energy Services (TSE:CET) has released an update.
Cathedral Energy Services Ltd. achieved record-breaking annual revenues of $545.3 million in 2023, marking a 71% increase from the previous year, alongside a new high of $90.9 million in Adjusted EBITDAS. Despite a decrease in net income due to acquisition-related expenses and a non-cash provision, the company reported a significant rise in cash flow from operations and free cash flow. The acquisition of Rime Downhole Technologies is poised to enhance Cathedral’s U.S. directional business and margin expansion.
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