Business
Interim Results
Interim Results.
About this update from Plexus Holdings
[{"type":"text","content":"\n\n \n \nPLEXUS HOLDINGS PLC\n(\"Plexus\" or the \"Company\" or the \"Group\")\n \nINTERIM RESULTS FOR THE 6 MONTHS TO 31 DECEMBER 2024\n \nPlexus Holdings plc, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces its interim results for the six months to 31 December 2024 (H1 2025).\n \nFinancial Performance\n· Sales revenue: £2.9m (H1 2024: £5.1m)\no Excluding last year's £4.1m ($5.2m) one-off SLB licensing deal, organic operational revenue increased by £1.9m year-on-year.\n· Loss before tax: £1.3m (H1 2024 profit: £2.2m)\n· EBITDA loss: £0.2m (H1 2024 profit: £3.1m)\n· Cash and cash equivalents: £1.4m as at the date of this announcement\n \nOperational Highlights:\n· Board changes: Ben van Bilderbeek appointed as Non-Executive Chair, Craig Hendrie as CEO, and Mike Park as CFO (July 2024).\n· Key contract expansion: Dutch North Sea P&A campaign increased from £1m to circa £2m, with additional deployment of proprietary technology (operations commenced August 2024).\n· New contract win: $1m Middle East contract for an exploration well (awarded November 2024). Operations expected to begin in Q3 2025.\n· Major project completion: Specialised subsea abandonment project successfully materially completed in December 2024, with final revenues exceeding £9m.\n· Master Services Agreement: Signed with a well management company, expected to generate additional work in P&A and jack-up exploration.\n· Capital investment: Four new Exact rental wellhead sets completed (March 2025) and now available for allocation, doubling the available rental fleet to eight sets.\n· Loan note extension: Outstanding loan notes (originally due October 2024) extended by six months to mature in April 2025.\n \nStrategic & Financial Positioning:\n· £3.5m fundraising: Launched post-period end (March 2025), through a proposed placing, intended subscription and retail offer, alongside conversion of outstanding loan notes.\n· Use of funds: Purchase of eight new wellhead sets, doubling again the rental ...