Business
Interim Results For The 6 Months To 31 Dec. 2023
Interim Results For The 6 Months To 31 Dec. 2023.
About this update from Plexus Holdings
[{"type":"text","content":"\n\n Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n \nThis announcement contains inside information.\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n18 March 2024\nPLEXUS HOLDINGS PLC\n(\"Plexus\" or the \"Company\" or the \"Group\")\n \nINTERIM RESULTS FOR THE 6 MONTHS TO 31 DECEMBER 2023\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 2023.\n \nFINANCIAL RESULTS \n\n\n\n\n•\n\n\nSales revenue £5,087k (2022: £709k)\n\n\n\n\n•\n\n\nEBITDA £3,083k (2022: £1,098k loss)\n\n\n\n\n•\n\n\nOperating profit £2,247k (2022: £2,018k loss)\n\n\n\n\n•\n\n\nProfit before tax £2,219k (2022: £2,073k loss)\n\n\n\n\n•\n\n\nEarnings per share 2.19p (2022: 2.06p loss)\n\n\n\n\n•\n\n\nCash of £0.83m (2022: £1.14m)\n\n\n\n\n•\n\n\nTotal assets of £22.5m (2022: £17.3m)\n\n\n\n\n•\n\n\nTotal liabilities of £7.8m (2022: £3.9m)\n\n\n\n\n \nOPERATIONAL OVERVIEW\n\n\n\n\n•\n\n\nAugust 2023 - the value of specialised subsea project application announced in March 2023 was increased from c.£5m to c.£8m.\n\n\n\n\n•\n\n\nSeptember 2023 - entered into loan agreements with a total value of £0.7m with Plexus' CEO Ben van Bilderbeek related entities.\n\n\n\n\n•\n\n\nOctober 2023 - completion of Oceaneering Plug and Abandonment ('P&A') campaign originally announced in June 2022. Plexus Mud Containment System used sequentially on four different wells generated revenues of £0.85m, a 70% increase on original estimates.\n\n\n\n\n•\n\n\nOctober 2023 - placing of 2,750,000 Treasury Shares raising gross proceeds of £0.55m.\n\n\n\n\n•\n\n\nOctober 2023 - contract for a P&A project secured through licensor SLB for the rental of Exact adjustable wellhead system and Centric Mudline tooling for a leading North Sea operator.\n\n\n\n\n•\n\n\nNovember 2023 - rental contract with a value of c. £0.18m awarded by Neptune Energy UK for Exact adjustable wellhead system and Centric Mudline Suspension equipment to allow the permanent abandonment of a UK North Sea well.\n\n\n\n\n•\n\n\nDecember 2023 - placing of 2,200,495 Treasury Shares raising gross proceeds of £0.42m.\n\n\n\n\n•\n\n\nDecember 2023 - further loan agreement with Ben van Bilder...