Plexus Holdings, an oil and gas equipment company, has reported a return to profit and expressed optimism about growth prospects despite negativity surrounding the sector.
The group’s revenues rose to £12.7 million for the year ending in June, compared to £1.5 million the previous year, with a pre-tax profit of £2.8 million, reversing a loss of £4.2 million from the prior year.
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With a key licence deal finalised and a new executive team in place, the Aberdeen-based company stated it is “well placed to add growth in the new energy marketplace,” particularly in supporting offshore activities in P&A work, gas and CCS storage, alongside continued oil and gas drilling and development.
“Despite the current climate of negativity towards offshore oil and gas, we are very optimistic about the growth of the business and the opportunities which are suited to our unique mix of proprietary products and engineering capability,” the company noted.
Plexus recently secured an order for subsea wellhead rental equipment and services tailored for specialised P&A work for a North Sea operator, expected to generate over £0.5 million in revenue this financial year.
Chief Executive Craig Hendrie said: “The strategy now is to focus on short-term growth in jack-up rental revenue, to maintain profitability, and to establish a diversified mix of income that can be more resilient to future cycles of the energy market and local government policies.”
He added that Plexus is advancing its technology while positioning itself to deliver exceptional value to shareholders, marking the beginning of an exciting new chapter for the company.
