Losses nar­row at Plexus Hold­ings

The Press and Journal (Aberdeen and Aberdeenshire) - - BUSINESS - BY MARK LAMMEY

Losses nar­rowed at Plexus Hold­ings in 2018-19 as the oil well tech­nol­ogy firm’s “re­build and re­set” plan showed promis­ing signs.

The £42.5 mil­lion sale of Plexus’ jack-up ex­plo­ration well­head busi­ness to Tech­nipFMC in 2018 “trig­gered” the ini­tia­tive.

The Aberdeen firm has moved away from equip­ment rental to fo­cus in­stead on new prod­ucts based on its Pos-Grip tool, which has been used for hun­dreds of oil and gas projects glob­ally.

Chief ex­ec­u­tive Ben van Bilder­beek said this would re­store the busi­ness’ “past record of re­port­ing ro­bust fi­nan­cial re­sults and dis­tribut­ing div­i­dends to share­hold­ers”.

Rev­enue jumped to £3.61m dur­ing the year to June 30 2019, from £318,000 in 201718, while pre-tax losses

“We be­lieve we have the right in­tel­lec­tual prop­erty”

nar­rowed to £3.71m from £5.25m.

Plexus said most of its in­come came from or­ders for a pro­duc­tion well­head for Spirit En­ergy, equip­ment for aban­don­ment op­er­a­tions for Ocea­neer­ing, and the £1.4m sale of two PosGrip well­head sys­tems to Rus­sian part­ner Gusar.

De­spite the im­prove­ment in its fi­nances, Plexus’ shares slumped more than 13%.

Mr van Bilder­beek said progress was be­ing made.

He added: “We be­lieve we have the right in­tel­lec­tual prop­erty, the right busi­ness model and the right part­ners to, over time, es­tab­lish Pos-Grip as the go-to well­head and re­lated prod­ucts tech­nol­ogy for the broader en­ergy sec­tor, and in the process re­build Plexus into a highly prof­itable, op­er­at­ing and IPli­cens­ing com­pany.”

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