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(Alliance News) - Engineering services firm Plexus Holdings PLC on Tuesday reported a full-year revenue surge but remained loss-making.
Shares in the company were 10% lower at 30.00 pence each in London on Tuesday morning.
In the year ended June 30, revenue climbed to GBP3.6 million from GBP318,000 last year. The company narrowed its pretax loss to GBP3.7 million from GBP5.2 million last year.
Plexus owns the POS-GRIP, an equipment used seals used to serve as a seal on oil and gas industry products like wellheads. Post-period end, the company said it installed the first jack-up exploration wellhead, using POS-GRIP, for Russian oil & gas giant Gazprom PAO.
Plexus added because the equipment is leak-proof, it prevents methane emissions from a well. Methane, a principal component of natural gas, can be dangerous to the environment.
Chief Executive Ben van Bilderbeek explained: "By delivering a cost-effective, leak-proof solution at the wellhead, we believe POS-GRIP systems helps prevent methane emissions throughout the life of a well, where long term integrity is critical.
"A major opportunity is therefore opening up to Plexus, which we recognise has the potential to accelerate the roll-out of our leak-proof, and maintenance free equipment, increase the number of income/royalty streams within our portfolio whilst helping raise safety standards across the energy industry."
During the period, Plexus also made a GBP735,000 investment in Kincardine Manufacturing Services Ltd., taking a 49% in the the Scotland-based precision engineering firm.
By Eric Cunha; ericcunha@alliancenews.com
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