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  5. Plexus plunges after major profit warning

Pin to quick picksPlexus Share News (POS)

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Share Price Information for Plexus (POS)

London Stock Exchange
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Share Price: 16.25
Bid: 16.00
Ask: 16.50
Change: -0.25 (-1.52%)
Spread: 0.50 (3.125%)
Open: 16.50
High: 16.50
Low: 16.25
Prev. Close: 16.50
POS Live PriceLast checked at -

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Plexus plunges after major profit warning

Mon, 25th Jan 2016 10:07

(ShareCast News) - Shares in Plexus Holdings sank like a stone after the oil drilling innovator warned profits would be "very significantly" below forecasts after a major slowdown in customers' planned activity, mainly in the North Sea.With projects being delayed, postponed or cancelled, Plexus said it now expects first-half revenues for the period to 31 December to fall at least 48% to below £7m, with second half sales predicted to be down a further 20%."To place the revenue reduction in perspective, the last quarter sales for calendar year 2015 were circa 50% below those of the previous quarter with the fall off accelerating in November and December 2015."Based on expectations of an oil price recovery, management anticipate sales will stabilise going into the 2017 financial year as exploration drilling activity picks up again.Plexus, which in the year to last June had enjoyed record levels of revenue, EBITDA and profit as its revolutionary POS-GRIP method of well-head engineering gained further traction in the oil drilling market, said it was now taking measures to conserve cash, slashing capital, operational and personnel expenditure to ride out this period in the oil market cycle.However, as R&D spending remains crucial, management are mulling the best allocation of resources and their confidence in the product range is undimmed due to its ability to reduce costs and increase safety in the drilling industry, with discussions continuing over a number of potentially significant projects.Indeed, along with the profit warning, Plexus also announced a new contract win with Premier Oil, following last week's win offshore Oman.Broker Cenkos said the severity of the update was disappointing but clearly exacerbated by the dramatic fall in the oil price to under $30.Revenue forecasts for 2016 were therefore slashed to £12.1m from £26.1m, and with costs affected too, the estimate for EBITDA falls to a £2.1m loss, versus £6m before."At this juncture it is bold to be bullish but we are convinced the long term fundamentals of Plexus and POS-GRIP IP remain intact," analyst Ian McInally added, pointing to the Premier Oil and Oman contracts as a reminder of the "significant competitive advantage" the wellhead technology has."As we commented last week the launch of the new subsea Python wellhead has been overshadowed by market conditions but it is important to highlight, even in a recovering market, the focus on costs savings will remain at the forefront of the industry."Plexus shares were down 40% to 74.18p at 1030 GMT on Monday.
More News
24 Sep 2019 16:01

Plexus technology enters service with Gazprom

(Sharecast News) - Oil and gas engineering services business Plexus Holdings announced on Tuesday that its Russian licensee Gusar has successfully installed the first wellhead for Gazprom as part of the previously-announced contract to supply 'POS-GRIP' rental wellhead gas exploration equipment to the Russia-based energy giant.

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24 Sep 2019 13:59

Plexus Installs First POS-GRIP Jack-Up Wellhead For Russia's Gazprom

Plexus Installs First POS-GRIP Jack-Up Wellhead For Russia's Gazprom

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3 Jun 2019 12:45

Plexus Partners With BEL Valves To Supply Flow Control Equipment

LONDON (Alliance News) - Plexus Holdings PLC on Monday announced the establishment of Plexus Pressure Control Ltd, a majority owned joint venture with BEL Valves Ltd, which will exclusively supply

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3 Jun 2019 12:11

Plexus forms JV for xmas tree and wellhead supply

(Sharecast News) - Plexus Holdings on Monday formed Plexus Pressure Control Limited (PPC), a majority-owned joint venture formed with British Engines Group subsidiary BEL Valves Limited, to supply surface production xmas tree valve assemblies and wellhead annulus outlet valves.

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28 Mar 2019 11:40

Plexus Holdings Interim Loss Narrows As It Ceases Jack-Up Business

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 AIM-listed for

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13 Mar 2019 14:42

Plexus Declares Interim Dividend; Plans Premium Account Cancellation

LONDON (Alliance News) - Plexus Holdings PLC on Wednesday declared an interim dividend of GBP1.0 million in total, equivalent to 0.99566 pence per share, following the sale of a business to FMC in

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4 Mar 2019 10:05

Plexus Holdings Russian Licensee Signs Equipment Contract With Gazprom

LONDON (Alliance News) - Shares in Plexus Holdings PLC spiked Monday after the oil and gas engineering services company said its Russian licensing partner secured an exploration wellhead equipment

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4 Mar 2019 09:34

Plexus local supplier wins contract with Gazprom

(Sharecast News) - Oil and gas engineering services business Plexus Holdings announced on Monday that its Russian licensee, LLC Gusar, has secured its first major contract to supply 'POS-GRIP' rental wellhead gas exploration equipment to Russian energy giant Gazprom.

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18 Feb 2019 09:44

Plexus Holdings Annual Earnings To Fall On Lower Margins, Higher Costs

LONDON (Alliance News) - Plexus Holdings PLC on Monday said annual revenue is "broadly in line with expectations", however, lower margins and higher overheads will hurt in the jack-up at

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18 Feb 2019 09:37

Plexus margins squeezed by increased investment

(Sharecast News) - Oil and gas engineering services business Plexus will fall short of earnings expectations in its current trading year as a result of an increased investment into its POS-Grip wellhead sealing technology.

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17 Dec 2018 09:26

Plexus coughs up £0.74m for minority share in KMS

(Sharecast News) - Oil and gas engineering services business Plexus Holdings has made an investment of £0.74m to acquire a 49% interest in independent precision engineering business KMS, it announced on Monday.

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27 Sep 2018 14:30

Plexus product gets Russian deployment via licensee Gusar

(Sharecast News) - Oil and gas engineering services business Plexus Holdings announced on Thursday that its Russian licensee, Gusevsky Valves Plant (Gusar), has entered into an initial agreement to supply Gazprom with two sets of its 'Tersus TRT Mudline Suspension System' (MLS) products for the construction of shallow water exploration gas wells on the Kara Sea Shelf in 2019.

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27 Sep 2018 10:37

Plexus Holdings Licensee Wins Equipment Supply Agreement With Gazprom

LONDON (Alliance News) - Oil & gas engineering services company Plexus Holdings PLC on Thursday said its licensee has been contracted to supply two sets of its Tersus - TRT Mudline Suspension

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8 Aug 2018 10:48

Plexus Holdings nails down second POS-SET connector order

(Sharecast News) - Plexus Holdings on Wednesday secured a purchase order to supply and rent its POS-GRIP enabled POS-SET Connector technology for well abandonment operations in the North Sea.

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2 Feb 2017 10:23

Plexus Holdings Extends Brunei Shell Contract By Two Years

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