Business
Preliminary Results
Preliminary Results.
About this update from Plexus Holdings
[{"type":"text","content":"\n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n \n\n29 November 2023\n\n\n \n \nPlexus Holdings plc ('Plexus' or 'the Group')\n \nPreliminary Results\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 preliminary results for the year ending 30 June 2023.\n \nFinancial Summary\n· Sales revenue £1,487k (2022: £2,306k)\n· Adjusted EBITDA £2,451k loss (2022: £2,780k loss)\n· Operating loss £4,261k (2022: £4,291k)\n· Loss before tax £4,228k (2022: £5,556k)\n· Loss after tax £4,015k (2022: £7,457k)\n· Basic loss per share 4.00p (2022: 7.42p loss)\n· Cash and cash equivalents of £1,449k (2022: £5,840k)\n· Bank borrowing of nil (2022: £3,958k relating to a drawn down Lombard facility)\n· The Group has no funds invested in financial assets (2022: £101k)\n· Convertible loan notes of £1,550k issued in the year (2022: nil)\n \nOperational Overview\nRevenue streams are derived from the direct rental and sale of Plexus products together with the licencing of the Plexus' POS-GRIP® method of friction-grip engineering technology to third parties, including SLB (previously Schlumberger). The strategy is to establish the Company's proprietary and patented leak-proof wellhead systems, applications and specialist engineering solutions across the oil and gas industry, whilst helping to meet ESG and net zero goals by offering 'through the BOP' (Blow out Preventer) wellhead designs, and leak-proof seals capable of maintaining their integrity for the life of the well thereby avoiding costs associated with maintenance and well shut ins. \n \n· September 2022 - shortlisted in the 'Environmental Sustainability Innovation' and 'Significant Contribution to the Industry' categories of the Offshore Network's OWI Global Awards.\n· October 2022 - raised £1.55m through the issue of Convertible Loan Notes...