SHARES in Plexus Holdings climbed nearly 10% after the Aberdeen-based oil and gas engineering services business said it anticipated its results for the 12 months to June 30 this year would be "well ahead of current market expectations".
Before yesterday's bullish trading update from Plexus, which supplies wellhead and mudline suspension equipment for exploration and production applications, the market had been forecasting pre-tax profits of £3.7 million on revenues of £21.5m for the year to June 30. In the 12 months to June 30 last year, Plexus achieved a 96.8% rise in profit before tax to £3.09m as revenues jumped 27.8% to a record £19.71m.
Shares in Plexus, owner of the "POS-GRIP" friction-grip method of wellhead engineering, jumped 21.5p to 245p yesterday in the wake of the upbeat trading statement.
Ben van Bilderbeek, chief executive of Plexus, described the company's performance as excellent.
He said: "I am delighted to report this last financial year has seen strong year-on-year growth in revenues, margins, and profitability."
Declaring that the POS-GRIP equipment "delivers proven safety, functionality and cost-effectiveness benefits", he added: "The high level of new and repeat orders we have reported over the course of the year with blue-chip oil and gas operators around the world for our rental POS-GRIP exploration wellheads illustrates the momentum behind our business, as more operators experience the multiple benefits and advantages that our equipment has to offer."
Highlighting innovation by Plexus to extend its product range, he added: "The board is confident that the strong momentum behind the company will continue into the current financial year and beyond."
Plexus, which is quoted on the Alternative Investment Market, noted POS-GRIP wellhead systems had been used, or selected to be used, in more than 250 oil and gas wells by a raft of international companies including Edinburgh-based oil and gas independents Cairn Energy and Bowleven.
It listed Apache Energy Australia, BHP Billiton, BG International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Dana Petroleum, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Niko Resources, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Senergy, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall as other companies which had used or selected POS-GRIP wellhead systems.
Plexus plans to unveil its results for the year to June in the second half of October.
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