Plexus Holdings to smash market expectations

published 9 October 2012

Trading at Plexus Holdings, an AIM quoted oil and gas engineering services business, has exceeded management's expectations, with full year earnings in the 12 months ended June 30th now expected to be ahead of market expectations.

The firm said post-tax profits and earnings per share are expected to be materially better than current analysts' forecasts after demand for its high pressure/ high temperature (HP/HT) wellhead business activities continued to show strong momentum, with further contracts having been secured with both existing and new major international oil and gas operators across the world.

During the period the company also increased the number of consulting partners to its HGSS subsea wellhead design Joint Industry Project, signed an inaugural POS-GRIP world-wide licensing agreement for the supply of wellhead equipment to ENI Italy's largest oil and gas company, and progressed its HP/HT Tieback wellhead system JIP with Maersk Oil North Sea UK.

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"Plexus's management are excited with the business outlook for the remainder of 2012 and into 2013 and look forward to reporting a more detailed summary and general overview on the company's current trading and future prospects when the annual results are announced," the firm said in a statement.

The share price climbed 8.67% to 163p in mid-morning trading.