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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
