Plexus interims promising as contract momentum builds

27th Mar 2014 11:59

Encouraging first-half results from sub-sea oil drilling technology innovator Plexus saw a double-digit rise in profits as it diversified its contract base outside the UK's waters. Plexus, which was also buoyed by news that Chancellor George Osborne announced new Budget incentives to develop deepwater oilfields which requires its technology, lifted revenues 12% to £126m and pre-tax profits by 13% to £1.5m.The AIM-listed company won several new rental contracts from both existing and first time international oil and gas operators, including two from Statoil in the North Sea, plus a third Australian contract and two offshore Cameroon with Glencore. The sales mix showed the Rest of the World accounted for 49% of sales compared to 28% for the same period last year, with the second half already having seen a contract signed with Svensak for offshore Guinea Bissau. A further initiative to diversify revenue is a new Asian office in Singapore.The Plexus share price was up 3.4% to 281.13p at 12:15 on Thursday. OH