Shares in Plexus Holdings PLC (AIM:POS) soared by 28% in early trading Tuesday after the AIM-listed oil and gas engineering company announced a significant increase in the value of a major contract.
The firm, known for its development of the POS-GRIP wellhead engineering method, revealed that a deal initially valued at £5 million in March has now escalated to an impressive £8 million. The customer behind this lucrative contract remains undisclosed.
Plexus has confirmed that the entire value of this transaction will be reflected in the financial statements for the year ending 30 June 2024.
The stock, up 174% in the year to date, was trading 1.05p higher at 4.8p.