Plexus hikes dividend

16th Oct 2012 09:42

Plexus Holdings, an oil and gas engineering services business, said it was hiking its dividend after reporting record results for the year.The firm is pushing its final dividend up 16.3% to 0.5p per share.Revenues came in at £19.71m for the year to the end of June, up 27.8% on 2011.The firm said this reflected a strong sales performance underpinned by a series of on-going and new contract wins, including securing customers in new territories.Pre-tax profits almost doubled to a record £3.09m compared to a profit last year of £1.57m.The group reported basic earnings per share of 2.99p compared to 1.55p in the prior year, an increase of 92.9%.The company, which markets its own POS-GRIP method of wellhead engineering, said it was benefitting from increased industry receptiveness to new technology.This was a result of regulatory and government initiatives focused on safety standards and operational performance in a number of oil equipment related areas, particularly subsea following the Gulf of Mexico incident in 2010.