Plexus Holdings PLC (AIM:POS) is 'positioned to return to profitable growth', according to Cavendish, which provided its assessment in the wake of interim results earlier.
Key to its progress will be sign-off for a £3.5 million fundraiser, which will allow the oilfield services group to double its rental fleet, enabling it to chase new business across plug-and-abandonment (P&A) and exploration markets.
"Focused on markets in which it has previously had considerable success, the expansion of the rental fleet will enable Plexus to satisfy this growing market demand and drive sustainable growth in revenue and profitability," said Cavendish in a note to clients.
Plexus is best known for its unique POS-GRIP technology - a friction-based gripping system used in wellheads and connectors. With a track record spanning over 300 wells globally, the company's technology improves the safety and efficiency of drilling operations.