Wellhead engineering specialist Plexus Holdings PLC (AIM:POS) said it expects to hit full-year forecasts after delivering a solid (and profitable) first-half performance.
Two key events had a positive impact: Plexus began to see the financial benefit of an order for its POS-GRIP HG technology worth up to £8 million; and, late in the period, it inked an intellectual property deal worth £4.1 million ($5.2 million).
For the six months ended December 31, the company posted sales revenues of £5.08 million (up from £709,000 a year earlier) and an underlying profit (EBITDA) of £3.08 million, compared with a £1.1 million loss.
Plexus was sitting with cash of £830,000 on the balance sheet at the period end.
Chief executive Ben van Bilderbeek said: "While the shift to sustainable energy is underway, oil and gas ('O&G') remain vital to the global energy mix, albeit with a growing emphasis on efficiency, safety, and environmental responsibility.
"Accordingly, Plexus is positioned to play a pivotal role in this revived industry given its ability to prevent and mitigate wellhead-related methane leaks at O&G sites."