Business
Preliminary Results for the year to 30 June 2017
Preliminary Results for the year to 30 June 2017.
About this update from Plexus Holdings
[{"type":"text","content":"\n \nRNS Number : 6451W Plexus Holdings Plc 16 November 2017 \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n \n16 November 2017\nPlexus Holdings plc ('Plexus' or 'the Group')\nPreliminary Results for the year to 30 June 2017\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 2017.\n \nFinancial Results \n• Sales revenue £4.75m (2016: £11.23m)\n• Adjusted EBITDA £2.48m loss (2016: £1.56m loss)\n• Operating loss £7.03m (2016: £6.8m loss)\n• Loss after tax £5.70m (2016: £5.79m loss) \n• Basic loss per share 5.41p (2016: 6.39p loss per share)\n• Net cash £6.5m (2016: net cash £9.9m)\n \nWhilst the Company remains committed to distributing dividends to its shareholders, the Directors believe that in view of the challenging oil price environment and resultant financial performance it is prudent to continue the suspension of the payment of dividends. The Company will look to reinstate the dividend at the earliest opportunity. \n \nOverview\n \n· Plexus' proprietary POS-GRIP friction grip technology wellhead equipment enabled the Company to win new business despite continuing subdued levels of exploration activity as a result of the extended period of low oil prices:\n \no Purchase order from operator Masirah for an exploration well in Oman\n \no Four-year framework agreement with Centrica Norway to supply surface wellhead and mudline equipment services for jack-up exploration wells of all pressure ratings in the Norwegian sector of the North Sea\n \no Extension of an existing agreement with Shell Brunei to supply both HPHT and standard pressure wellhead systems and services for three exploration wells in Brunei \n \no New customer contract win from Nexen Petroleum U.K. Limited ('Nexen'), a subsidiary of CNOOC Limited for an exploration well in the Central North Sea\n \no First purchase order for the Company's Tersus™ TRT Mudline Suspension System ('MLS') equipment from LLC ...