Plexus Holdings plc (AIM:POS) – tough market but decent results and much to look forward to
The owner of the brilliant POS-GRIP® friction-grip method of wellhead engineering announced excellent interim results for the six months to 31 December 2014. Despite the gloom in the oil services space there was more encouragement than might have been anticipated. The results offer an excellent commentary on the oil and gas sector and are really worth a read.
Sales increased 7% to £13.51m, profit after tax rose 28% to £1.97m and there was a 25% increase in basic earnings per share to 2.32p. The period saw a strong financial performance for the Group’s POS-GRIP friction-grip rental wellhead equipment as a result of a combination of new and on-going contracts with a range of major international oil and gas operators particularly for High Pressure/High Temperature (‘HP/HT’) applications. There was a significant increase in research and development spend which increased 94% to £1.36m. The balance sheet remains highly supportive with net debt a manageable £4m at the period end, despite…