Plexus Holdings PLC (AIM:POS), the wellhead services business listed on London’s AIM market, said it expects its results for the year to 30 June 2025 to meet market forecasts.
The company raised £3.5 million in March, using the funds to manufacture eight more of its Exact EX wellhead systems.
This will double its rental fleet, positioning it to meet rising demand from drilling campaigns and decommissioning work.
Wellhead systems are used to connect drilling rigs to oil and gas reservoirs.
By renting these units rather than selling them outright, Plexus can generate steady income while keeping control of its assets.
The first four of the new units are already in production and are expected to be delivered towards the end of this year, with revenue starting to flow in early 2026 once they are put to work offshore.
The company also gave an update on its Middle East contract, first announced last November.
Equipment is being readied for shipment to the United Arab Emirates and Plexus expects around £735,000 ($1 million) in revenue from the initial phase of the job.
The company said it continues to see strong potential in the region and is actively chasing further deals there.
In a separate line of business, Plexus has completed fast-track development and testing of its subsea wellhead equipment, which is now qualified and ready for offshore deployment.
Subsea systems are used in deeper waters and allow operators to carry out interventions directly on the seabed, often for maintenance or safety checks.
In the United States, Plexus has agreed a new rental contract and plans to ship equipment during the third quarter of this year.
The deal adds to its international reach and supports its strategy of building a broader base for its rental model.
While trading conditions remain difficult across the sector, Plexus said it is confident in its approach and sees a number of growth opportunities ahead.
Once all eight new Exact EX systems are delivered, the company will have 16 units in its rental fleet, giving it greater capacity to support oil and gas operators with short lead times and fewer upfront costs.
CEO Craig Hendrie said: "With fast operational response, world-class engineering capability and a growing fleet of rental equipment, we look to the future with confidence."