|
Plexus Holdings PLC is confident in its medium-term outlook with ‘resilient revenue streams’ on the horizon, the company told its annual general meeting on Friday. In a statement on behalf of Non-Executive Chair Ben Van Bilderbeek, Chief Executive Officer Craig Hendrie said financial 2025 was a year ‘of rebuilding and repositioning’ with a focus on expanding the oil and gas engineering services firm’s rental wellhead inventory. Plexus expects to have 16 Exact rental wellhead systems available for deployment during calendar 2026, with the company intending for repeat utilisation across different projects and geographies to ‘provide more predictable and resilient revenue streams’. ‘While our reported results reflect a deliberate investment phase following an exceptional prior year, we made solid operational progress, strengthened the balance sheet and continued to invest in the long-term capability of the business,’ the company said. In the financial year that ended June 30, Plexus reported a £3.3 million pretax loss, flipped from a £2.8 million profit for the prior year. Sales revenue fell to £4.5 million from £12.7 million. ‘We are cautiously encouraged by the outlook across our key markets. Rental operations are expected to commence imminently in the Middle East, where we now have a permanent presence, and North America during 2026, alongside further opportunities in the North Sea. ‘Notably, our technology is particularly well suited to jack-up drilling, decommissioning and CCS applications, where activity levels are forecast to improve.’ These and other developments provide a solid platform for the next phase of Plexus’s development, it said. ‘With an expanded rental fleet, multiple market drivers across key geographies, and a continued focus on cost control and delivery, the board remains confident that Plexus is well positioned to build sustainable value for shareholders over the medium term,’ the AGM statement concluded. Shares in Plexus traded 2.9% higher at 7.20 pence on Friday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
