News

March 27, 2009

Plexus Holdings Sustains Investment As It Remains Confident Of Continued Demand For Its POS-GRIP Drilling Solution

There was little to excite in the six-month results from AIM-quoted Plexus Holdings, the specialist wellhead system supplier. Turnover for the first six months of 2008 was flat at £6.7 million and there was a pre-tax profit of £0.04 million, down on the £1.3 million posted for the same period in 2007.

Plexus’ chief executive Ben van Bilderbeek said the results were “in line with management expectations and reflect the profile of our order book which is geared towards cash flows impacting in the second half”. This phasing impacts on first half profitability but will mean a stronger second half as income from contract wins, such as the £630,000 in revenues expected from wellhead contract wins with Lundin Petroleum and SPD Ltd, filters through to the bottomline.

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