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LONDON (Alliance News) - Oil and gas engineering services company Plexus Holdings PLC Wednesday reported an increase in profit and revenue for the full-year, as sales of its main drilling service increased.
The company posted pretax profit of GBP4.3 million for the period ended 30 June, up from GBP3.2 million a year earlier as revenue jumped to GBP25.6 million from GBP19.7 million in 2012.
Pleux attributed the rise to strong sales of its POS-GRIP friction-grip rental wellhead equipment, which it said continued to gain market share following contract wins with a number of new international oil and gas operators and existing customers.
POS-GRIP was created as a method of supporting oil field tubulars with an externally activated radial friction grip.
Plexus said to compound on the strong sales of its products, initiatives were underway to strengthen its presence in Asia, which it deemed of particular importance. The company said it had targeted Singapore, Malaysia, and Brunei with new subsidiaries incorporated in Singapore and Brunei.
During the period capital investment, primarily in additional wellhead rental inventory sets, increased 76.2% to GBP8.1 million, up from GBP4.6 million, while research and development spend crept to GBP1.5 million from GBP1.2 million in 2012
Plexus also renewed its GBP5 million bank credit facility on a three year revolving basis with an additional GBP1 million overdraft on a yearly term.
The board proposed a 10% increase in the final dividend of 0.55 pence per share, from 0.5 pence last year.
Plexus shares were trading at 253.50 pence Wednesday morning, up 6.25 pence or 2.5%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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