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LONDON (Alliance News) - Plexus Holdings PLC Tuesday said it expects its full-year revenue to be in line with market expectations, but that it anticipates profit after tax to be "materially ahead" of what the market expects.
In a statement, the oil and gas engineering services business, which owns the POS-GRIP friction-grip method of wellhead engineering, said its results for the financial year ended June 30 remain subject to external audit.
Plexus also said it has made a "positive start" to the new financial year, with a "strong order book" in place for the supply of its POS-GRIP wellhead equipment. The company said its Asian expansion strategy is building momentum following the recent formation of a new Malaysian joint venture company, adding that its joint industry project is at an advanced stage.
"I am very pleased with our performance as we have continued to achieve strong growth in revenues, margins, and profitability," Chief Executive Ben van Bilderbeek said in a statement.
"We have maintained the excellent progress made during the prior year as we continue to win new customer and repeat orders to supply leading oil and gas companies with our proprietary best in class POS-GRIP wellhead technology for exploration activities particularly in the high pressure/high temperature arena, both in the North Sea and further afield to the likes of Africa and Asia," van Bilderbeek said.
"In addition, we continue to pursue a number of important strategic initiatives as we look to build Plexus into the global wellhead provider of choice and necessity across exploration, production, and in due course subsea applications," he added.
Plexus said it intends to announce its full-year results in the second half of October 2014.
Plexus shares Friday closed at 256.12 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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