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LONDON (Alliance News) - Plexus Holdings PLC on Thursday said its pretax loss narrowed in the first half of the current financial year due to a change in focus to wellhead equipment market.
The AIM-listed engineering services company said pretax loss for the six months to the end of 2018 narrowed to GBP2.3 million from GBP2.7 million loss reported a year earlier, as revenue multiplied to GBP1.3 million from GBP40,000.
During the first half, the company said it moved away from the discontinued Jack-up business towards new areas, including the significantly larger wellhead equipment market, and the use of the POS-SET Connector for well abandonment operations.
Looking ahead, Plexus said it expects revenue to increase further in the second half following the completion of GBP1.4 million of rental wellhead equipment to Gusar, the company's Russian licensing partner.
"Our goal has always been to establish our patent-protected, friction-grip method of engineering as an enabling technology for the wider energy industry. For a junior supplier such as Plexus to have become the dominant player in the North Sea for Jack-up exploration drilling wellheads, despite having to compete against top tier multinationals with substantial resources at their disposal, is testament to the strength of our technology," said Chief Executive Ben van Bilderbeek.
Plexus shares were untraded on Thursday, last quoted at 56.72 pence each.
