Plexus continues share surge as profits leap

Plexus, the specialist oil and gas wellhead engineer, says new contract wins and repeat business from old customers drove profits in the six months to the end of December.

Turnover increased 24% over the period of 2010 to £9.3m, while earnings before interest, tax depreciation and amortisation (EBITDA) grew 17% to £3.0m. Profits before tax increased 33% to £1.5m. The interim dividend has been increased by 11.4% to 0.39p per share.

Since the year end Plexus has raised £6.2m in a share placing.

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Plexus is now aiming to produce a new type of subsea wellhead, to build on the success of its "friction-grip" land based system.

The group's Chief Executive, Ben van Bilderbeek said: "there is an increasing recognition that Plexus has the potential to become a leading specialist oil and gas wellhead services company that will offer a new wellhead standard for surface and in time, subsea applications."

Shares in the firm had gained 5.3% by 10:08; the stock is now 59.7% up on the start of the year.

BS