Plexus Holdings PLC (AIM:POS), an AIM-quoted oil and gas engineering services business, is “on the road to recovery”, Ian Mcnally, a research director at brokerage Cavendish Financial, said on Wednesday.
The owner of the proprietary POS-GRIP friction-grip method of wellhead engineering reported its preliminary full-year results for the year ended 30 June 2023 on Wednesday.
According to its preliminary results statement, the company reported sales revenue of nearly £1.5 million and narrowed its losses for the period, which was “in line with expectations”, Mcnally said.
In August, the company said it had expanded an existing £5 million contract with an undisclosed company to about £8 million.
Plexus also has an exclusive licence agreement with SLB, previously known as Schlumberger, for the rental of its exploration wellhead equipment for jack-up applications.
“As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work,” Mcnally said.
Cavendish indicated that Plexus is a corporate client.