Plexus Holdings PLC (AIM:POS) has highlighted significant progress during what it described as a year of "active rebuilding", in which it has expanded and broadened it operations.
Today, Plexus released its final results for the year ended 30 June 2025, reporting revenue of £4.48 million and a loss before tax of £3.3 million. The prior year included a one-off licence transaction that materially lifted earnings, the company said.
The AIM-quoted wellhead services group recorded an adjusted EBITDA loss of £1.1 million, compared with a profit of £5.4 million the year before (boosted by a one-off transaction). And, cash at year end stood at around £2.5 million.
“This year has been one of active rebuilding, with significant progress made in expanding our rental wellhead fleet and reestablishing momentum in our core Jack up business," said chief executive Craig Hendrie.
"Operationally, we delivered steady activity in the North Sea, although several projects scheduled for the period were postponed due to continued uncertainty in the region. The lack of clarity around proposed changes to the Energy Profits Levy has slowed not only new exploration and development drilling but also decommissioning and Carbon Capture and Storage (CCS) work across the UK.
"In response, we increased our focus on international markets."
Plexus, meanwhile, described the company's outlook as highly optimistic, noting recent new business wins in the United States and the Middle East.
"Global demand for Jack up rigs is strong, and our technology is well suited... By focusing on shorter lead time opportunities, deepening collaboration with SLB, and building on our intellectual property base, we have positioned the Group for sustainable and diversified growth," non-executive chair Ben van Bilderbeek, meanwhile, commented..