Plexus spurts upwards on two million pound contract win

Plexus, the Aim-listed oil and gas engineering services business, rose following news that it has secured a two million pound contract to supply its well-head equipment to Lundin Norway, a Norwegian oil and gas operator.

The equipment supplied will be its high pressure high temperature (HPHT) pos-grip friction grip technology, for a two-well programme. Revenues are expected to commence in January 2013.

Plexus Chief Executive Officer, Ben Van Bilderbeek, said: "Since September 2012, we have now announced new contracts totalling £6.15m to supply our proprietary wellhead equipment to leading oil and gas companies. As a result, we are well placed to build on the record trading performance seen during our last full year."

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On October 16th Plexus hiked its dividend 16.3% to 0.5p a share after reporting record results for the year.

Revenues came in at £19.7m for the year to the end of June, up 27.8% on 2011. Pre-tax profits almost doubled to a record £3.09m compared to a profit last year of £1.57m.

CM