Plexus profits soar in last year
An oil and gas engineering firm has increased profits by nearly 100% in the year up to 30th June 2012 alongside strong revenues and margins.
London and Aberdeen-based Plexus Holdings also has a presence in the U.S in Texas, and posted profits before tax of £3.09m, which is a 96.8% rise year-on-year.
The company turned over record levels of revenue, with a 27.8% increase up to £19.71m in the last 12 months.
Margins increased by 70.9%, and the firm’s Chief Executive, Ben van Bilderbeek, put the success of the business down to good performance on both organic and strategic levels.
Mr van Bilderbeek commented: “We successfully completed a share placing in January 2012 which had the benefit of increasing the liquidity in our shares whilst helping to finance our various R&D projects and growing rental inventory.
“I would like to warmly welcome our new blue chip investors and thank our existing shareholders for their continued support.
“Such developments are part of the on-going development of Plexus both at an operational and corporate level and come at a time when there are growing signs of merger and acquisition activity in the oil services sector where the need for innovative technology such as ours is becoming increasingly recognised.”
Plexus has developed an oil and gas engineering technology called “POS GRIP™”, which the firm says is simpler, cheaper, more effective and more reliable than other methods.
The company increased its final dividend by 16.3% to 0.5 pence per share after strong on-going progress and a successful financial year.
This was posted in Bdaily's Members' News section by Miranda Dobson .
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.