LONDON (Alliance News) - Plexus Holdings PLC Wednesday reported record revenue, profit and earnings in the last financial year leading it to almost treble its dividend.
The oil and gas engineering services business reported a GBP5.9 million pretax profit in the year ended June 30, rising from a GBP5.4 million profit a year earlier as revenue rose to GBP28.5 million from GBP27.0 million.
Earnings before interest, tax, depreciation and amortisation came in at GBP9.5 million from GBP5.4 million. Plexus said revenue, profit and Ebitda were all at record levels. Earnings per share followed suit, rising to 6.40p from 5.44p.
"I am delighted to report another set of record financial results in terms of revenues, margins, and profitability. This performance is all the more impressive as it has been achieved during what has been, and continues to be a difficult trading cycle for the global oil and gas sector, driven by the significant fall in the oil price and related geopolitical circumstances," said Chief Executive Ben van Bilderbeek.
That led the company to almost treble its full year dividend to 1.75 pence per share from the 0.62 pence per share paid last year. When put together with the interim dividend, Plexus is paying a 2.26 pence dividend for the year.
The results were mainly attributable to a strong performance from the company;s core business of renting its unique equipment, specifically the POS-GRIP wellhead, to oil and gas companies trying to extract product from high pressure, high temperature scenarios.
During the financial year, Plexus secured contracts to supply its wellhead equipment to subsidiaries of Centrica PLC, BG Group PLC, Royal Dutch Shell PLC, Premier Oil PLC, Maersk, Total and other companies over various geographies.
It has also recently launched a new Asian office and subsidiary to try and expand its services further afield, specifically Australia, Brunei, Indonesia, Malaysia, Thailand and Singapore.
Plexus shares were up 2.5% to 158.66p on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Plexus (POS)