Plexus confident after solid full-year performance

(Sharecast News) - Wellhead service provider Plexus reported a significant improvement in financial performance for the year ended 30 June in an update on Monday.

The AIM-traded firm, which was holding its annual general meeting, put its success down to developments including the completion of a major special project and a licensing agreement with oilfield services leader SLB.

Chairman Ben Van Bilderbeek said that under the leadership of new chief executive officer Craig Hendrie, Plexus was implementing a refreshed strategy to leverage its expertise in the jack-up rental wellhead market while focusing on growth opportunities in emerging areas.

That included carbon capture and storage wells and plug and abandonment activities in the decommissioning sector, both of which were gaining importance in the global energy transition.

The company said it was also committed to expanding its market presence through strategic partnerships and innovative product development.

Plexus said its approach was recently underscored by a new contract for an offshore gas exploration project in the Middle East, secured in collaboration with Peak Energy Solutions.

"Looking ahead, with our advanced engineering capabilities and commitment to delivering high-integrity solutions, we are confident in our ability to drive sustainable growth and deliver value to shareholders," Van Bilderbeek said.

At 0926 GMT, shares in Plexus Holdings were down 1.64% at 10.53p.

Reporting by Josh White for Sharecast.com.