Plexus Holdings PLC (AIM:POS) chief executive Ben van Bilderbeek said recent orders for its wellhead and sealing technology have marked a turning point for the group.
In particular, one order worth £5mln was the largest ever received by the business and validates the advantages of its POS-GRIP technology, he added.
van Bilderbeek also said there was “no excuse” for oil and gas companies not to employ wellhead technology to prevent leaks, adding that Plexus is now targeting plug and abandonment projects.
Revenues in the half year to December 2022 were broadly in line with expectations at £709,000 (£734,000) with a loss for the period of £2.1mln (£1.95mln).
In the second half, Plexus added revenues will be slightly higher meaning it will undershoot expectations, but this is due to the booking of £2.5mln as a rental rather than a sale with the benefit to come through in 2024.
Cash at the end of the first half was £1.1mln with no bank borrowing.