Last checked at 1 Dec 2009 10:00
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil equipment & services
Plexus Holdings PLC ('Plexus' or 'the Company')
AGM Statement
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business, will hold its Annual General Meeting today at which Robert Adair, Chairman, will make the following statement:
"Despite this period of global uncertainty and financial pressures, Plexus delivered excellent results, recording a 14% increase in turnover to £15.1m and pre-tax profits of £1.8m. As a result, we were delighted to initiate the payment of an inaugural dividend at our half year and hope to adopt a progressive dividend policy going forward. As such a final dividend of 0.38p per share is being proposed for formal approval at today's Annual General Meeting.
"Our growth was driven by our High Pressure/High Temperature ('HP/HT') POS-GRIP® wellhead rental activities, in which we have continued to invest in inventory. Furthermore various new and extended contracts with major international oil and gas companies were signed during the period, which highlight the growing recognition of our products and the superior nature of our POS-GRIP method of engineering. These included ConocoPhillips, Royal Dutch Shell plc, Shell Egypt, Brunei Shell Petroleum Sdn Bhd, BP Egypt and Red Sea Petroleum Operating Company.
"I have no doubt that the year ahead will continue to present challenging market conditions as global markets stabilise.. However, our financial year has already begun well, with four new contracts signed since the beginning of July 2009. This gives me confidence that Plexus, with its patented proprietary technology, strong client base and robust balance sheet, is well positioned to weather the recent downturn in oil and gas exploration activity and in turn, see steady growth throughout the remainder of the year and beyond.
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For further information please visit www.posgrip.com or contact:
| Ben van Bilderbeek | Plexus Holdings PLC | Tel: 020 7589 8555 |
| Graham Stevens | Plexus Holdings PLC | Tel: 020 7795 6890 |
| Alex Dewar | Brewin Dolphin | Tel: 0845 213 2076 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Isabel Crossley | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes to Editors:
Plexus, which began trading on AIM in December 2005, is an established oil and gas engineering and services business which supplies wellhead and mudline suspension equipment for exploration and production applications based in Aberdeen, with an office in London, Cairo, Kuala Lumpur and a presence in Houston, Texas. It has developed and patented a method of engineering for oil and gas field wellheads and connectors, POS-GRIP, which involves deforming one tubular member against another to effect gripping and sealing.
POS-GRIP wellhead systems have to date been used or selected to be used in over 140 oil and gas wells by international companies including BHP Billiton, BG International, BP, Brunei Shell Petroleum, Centrica, ConocoPhillips, Dubai Petroleum, GDF SUEZ, Global Santa Fe, Maersk, Petro-Canada Trinidad & Tobago, Red Sea Petroleum Operating Company, Repsol, RWE, Shell Egypt, StatoilHydro, Silverstone Energy, Talisman Energy, Tullow Oil, and Wintershall.
The Company plans to accelerate the roll out of POS-GRIP technology as a superior alternative to current wellhead technology. It has particular advantages in HP/HT (High Pressure/High Temperature) and X-HP-HT (Extreme High Pressure/High Temperature) oil and gas environments for which there is increasing demand throughout the world. The Company's long-term goal is to develop POS-GRIP technology as the future industry standard for wellhead design. This objective includes the distribution of POS-GRIP technology through licensees to maximise market penetration.