Oil and gas equipment firm Plexus Holdings has returned to profit.
And in a bullish statement to investors, the Aberdeen-headquartered firm dismissed ‘negativity’ around the sector, saying it was optimistic about growth prospects.
The group's revenues increased to £12.7million for the year to the end of June, with a profit before tax of £2.8million compared to loss of £4.2million in the previous 12 months.
The firm has a new executive team in place and sees significant opportunity in P&A work, gas and CCS storage, as well as continued oil and gas drilling and development.
It said that despite the “current climate of negativity towards offshore oil and gas”, it was “very optimistic about the growth of the business”.
Chief executive Craig Hendrie said: “The strategy now is to focus on short-term growth in jack-up rental revenue, to maintain profitability, and to establish a diversified mix of income that can be more resilient to future cycles of the energy market and local government policies.
“We are not only advancing our technology but also positioning ourselves to deliver exceptional value to our shareholders. The momentum we are building is the beginning of an exciting new chapter for Plexus.”
FTSE 100
The UK's flagship share index, the FTSE 100, was up 10-points at 8,317 shortly after opening this morning.
Brent crude oil futures were down 0.55%, trading at $75.62 a barrel.
Companies reporting today
Barratt Redrow | AGM Trading Statement |
Coca-Cola | Q3 Results |
Fresnillo | Q3 Production Report |
Heineken | Q3 Trading Statement |
Hochschild Mining | Q3 Production Report |
Lloyds | Q3 Interim Management Statement |
Reckitt Benckiser | Q3 Trading Statement |
Tesla | Q3 Results |
WPP | Q3 Trading Statement |