Plexus hikes dividend

Plexus Holdings, an oil and gas engineering services business, said it was hiking its dividend after reporting record results for the year.

The firm is pushing its final dividend up 16.3% to 0.5p per share.

Revenues came in at £19.71m for the year to the end of June, up 27.8% on 2011.

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The firm said this reflected a strong sales performance underpinned by a series of on-going and new contract wins, including securing customers in new territories.

Pre-tax profits almost doubled to a record £3.09m compared to a profit last year of £1.57m.

The group reported basic earnings per share of 2.99p compared to 1.55p in the prior year, an increase of 92.9%.

The company, which markets its own POS-GRIP method of wellhead engineering, said it was benefitting from increased industry receptiveness to new technology.

This was a result of regulatory and government initiatives focused on safety standards and operational performance in a number of oil equipment related areas, particularly subsea following the Gulf of Mexico incident in 2010.