Plexus Holdings PLC (AIM:POS), the Aberdeen-based wellhead specialist, says trading for the year to June 2026 is on track while it pushes ahead with expanding its rental fleet and building a stronger presence in overseas markets.
The company is close to completing the first four of eight new Exact EX rental wellhead systems funded through a March 2025 capital raise.
These units should be delivered by the end of the year and deployed in early 2026, taking the fleet to 12. A further four sets are scheduled for late 2026 to meet rising enquiry levels.
Alongside its rental business, Plexus continues to pursue opportunities to sell production wellhead equipment and undertake specialist engineering projects, which it expects to contribute in 2026.
The group has strengthened its international footprint too. A senior sales manager has relocated to the Middle East to establish a permanent base, supported by a deeper partnership with its regional representative, Peak Energy Solutions.
Plexus is currently preparing rental equipment for an exploration well in the United Arab Emirates and believes its on-the-ground presence will help it secure more work in the region.
Activity in the UK, however, remains patchy. The company pointed to uncertainty created by government policy, including the Energy Profits Levy on oil and gas production and the blocking of new exploration licences.
That has slowed decisions on plug and abandonment and decommissioning work. Even so, the company sees longer-term prospects in areas such as carbon capture and hydrogen storage, and said its pipeline for the second half of FY26 and beyond is encouraging. Full-year results are expected to meet market forecasts.
To support working capital needs as some projects drift into the second half of the year, Plexus has agreed a loan facility of up to £2 million with OFM Holdings, a company owned by a trust for which chairman Ben van Bilderbeek is settlor.
The facility carries interest of 8% a year, with the first six months rolled into the loan balance and later interest paid monthly.
It is repayable by the end of 2028, can be extended by mutual agreement and can be prepaid without penalty. The loan is secured by a second-ranking debenture over certain assets, including intellectual property and manufacturing records.
Because OFM is connected to the chairman, the deal counts as a related-party transaction under AIM rules. The board, excluding van Bilderbeek, said it had consulted its adviser, Cavendish Capital Markets, and considered the terms fair and reasonable.
Chief executive Craig Hendrie said the group was “encouraged to see growing momentum internationally” and that the loan gives Plexus the flexibility to stay agile as it targets overseas growth. Van Bilderbeek said the facility reflected confidence in the company’s POS-GRIP technology and in the long-term potential of its rebuilt Exact EX rental business.