Business
Preliminary Results for year
Preliminary Results for year.
About this update from Plexus Holdings
[{"type":"text","content":"\n RNS Number : 5906U Plexus Holdings Plc 19 October 2010 \n \n\nPlexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services\n19 October 2010\nPlexus Holdings plc ('Plexus' or 'the Group')\nPreliminary Results for the year to 30 June 2010 \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 2010.\n \nResults\n· Revenue of £13.1m (2009: £15.1m)\n· Profit before tax of £0.6m (2009: £1.8m)\n· EBITDA of £3.4m before IFRS 2 share based payment charges of £0.21m (2009: £4.3m before IFRS 2 share based payment charges of £0.19m)\n· Gross margin increase to 58.5% (2009: 57.9%)\n· Basic earnings per share of 0.88p (2009: 1.27p)\n \nHighlights\n· EBITDA and profit before tax in line with market expectations; profit after tax ahead of market expectations\n· Increasing industry awareness of the benefits of POS-GRIP® friction grip technology wellhead equipment following recent events in the Gulf of Mexico\n· Initiation of Joint Industry Project ('JIP') inviting investment for the accelerated development of a POS-GRIP \"HGSS\"™ subsea wellhead\n· New assembly and test facility building in Aberdeen opened May 2010 to support anticipated future growth in High Pressure/High Temperature ('HP/HT') and Extreme High Pressure/High Temperature ('X-HP/HT') activities\n· HP/HT contract wins with GDF Suez Egypt for £0.6m, Maersk Oil North Sea UK Limited ('Maersk') for an estimated initial £3.0m, Sonangol Pesquisa e Producao ('Sonangol') for £0.7m, and new customer Senergy Limited at £0.7m\n· Expanding geographic reach - winning of business with new customers in three new territories; offshore Cameroon in West Africa with Bowleven plc, offshore Tunisia in North Africa with Cairn Energy PLC Group, and offshore Angola in South West Africa with Sonangol\n· Further contract wins with Dubai Petroleum Establishment, Transocean Drilling U.K. Limited and Wintershall Noordzee B.V.\n· Post period end Plexus is confident that it will ...