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Plexus Holdings PLC - West Sussex-based engineering services provider - Decides to suspend agreement with its Russian licensee partner LLC Gusar until further notice. Gusar was able to supply the Russian and Commonwealth of Independent States markets with Plexus' POG-GRIP rental exploration wellhead equipment used from Jack-up rigs under the agreement.
The suspension of these activities is not expected to have a material impact on its trading performance for financial 2022. Anticipates that the performance will remain in line with expectations.
Also expects its year-end cash position to be broadly in line with expectations, despite the Russia situation.
Plexus believes it will still incur a loss of negative cash flow impact of about £650,000, related to a combination of pending royalties and planned advance stage payments for wellhead equipment. As a result, these payments are currently uncertain.
Notes that it is actively pursuing opportunities in its main target markets outside of Russia, particularly, in the UK and European continental shelf. Expects its ongoing initiatives to gain momentum in financial 2023.
Current stock price: 5.01 pence, down 8.8% on Monday
12-month change: down 72%
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