OIL and gas technology firm Plexus Holdings has seen losses spiral and shed more jobs in Aberdeen after the slump in North Sea exploration activity maintained pressure on sales.

The company posted an underlying loss of £2.5 million for the year to 30 June compared with £1.56m in the preceding year.

Revenues from the supply of its well systems fell by more than half, 57.7 per cent, to £4.75m from £11.23m in the previous year.

Aim-listed Plexus said the decline in sales revenue was a result of the continued low level of exploration activity in its traditional markets, particularly the United Kingdom and European continental shelves.

Oil and gas firms have slashed exploration activity in response to the sharp fall in crude prices since 2014.

While the oil price has increased since November last year Brent crude is trading at around $62 per barrel against $115/bbl in June 2014. There is no sign of an upturn in exploration work.

Plexus noted: “During the year to June 2017 there was a further headcount reduction programme to “right size” the Group to fit current trading conditions.”

The company had 68 employees at 30 June, against 81 at the end of the preceding year.

It previously shed around 70 jobs in total in two rounds completed after the downturn intensified in 2015.

Last month Plexus moved to reduce its reliance on the exploration market by selling the part of the group focused on that business to a US subsidiary of TechnipFMC for up to £42.5m.

Led by chief executive Ben van Bilderbeek, Plexus is now focused on supplying technology for use on production wells.