Plexus Holdings PLC (AIM:POS) highlighted a number of positive milestones as it reported on the year ended June 30, including a near quadrupling of revenues and the inking of key deals for the firm’s POS-GRIP technology.
POS-GRIP is described as a friction grip method of engineering at the well-head and, according to Plexus, it has raised the bar for ‘gas proof sealing’, safety, and reliability.
The company was in July awarded the London Stock Exchange's Green Economy Mark for the technology, and the company highlighted it among its recent key achievements.
“This achievement best sums up what the company is about, what we are looking to achieve, and the important role our green leak proof technology can play in the energy transition as the focus on ESG and NetZero goals intensifies,” Plexus said in its results statement.
“This is particularly relevant in view of this year's COP 26 climate change conference in Glasgow where the reduction of methane emissions is high on the agenda.”
In terms of the financial results, Plexus reported £2.01mln of revenue from continuing operations, up from £525,000, as the company saw the energy market beginning to stabilise following the impact of the COVID-19 pandemic. Adjusted losses (EBITDA) from continuing operations narrowed to £2.69mln from £3.08mln in the prior year.
It reported an operating loss after tax of £4.11mln compared to £4.05mln in the year before.
The company ended the year with £5.18mln of cash and equivalents and had £2.04mln of bank borrowing at the end of June.
Looking ahead, Plexus commented: “The recent downturn in the oil and gas sector, which was exacerbated by the global COVID-19 pandemic and the resultant fall in economic activity, seems to be nearing the end as we start to see a cycle of rapidly rising oil and gas prices.
“It is now obvious there will continue to be demand for hydrocarbons for decades to come, particularly gas although the focus will be increasingly on extracting these resources in the most environmentally responsible way possible, which in the case of oil and gas drilling should logically mean specifying leak-free equipment whenever and wherever possible.”