Plexus invests for further growth after record full year results

23rd Oct 2013 11:22

Market demand for its Pos-Grip offshore oil drilling technology drove strong full-year revenue and profit growth ahead of forecasts at engineer Plexus.Profits before tax gushed 38% to £4.3m from sales that spurted 30% higher to £25.6m in the year to end-June, leading to 24% earnings growth to 3.69p per share and a 10% increase in the dividend to 0.55p per share.The AIM-listed company secured initial contracts for its safer deep-sea High Pressure/High Temperature (HP/HT) product from three new customers totalling £3.7m, as well as wins with existing customers including Shell, Maersk and Gaz de France Suez. Chief Executive Ben van Bilderbeek said: "I believe our proprietary patented technology places us in a unique position to benefit from industry demands both in terms of safety and operational capability".Plexus invested £5.7m in new units for its rental supply business, which has been validated post year end as wellhead rental exploration activity has remained "buoyant".Shares in Plexus were up 3.4% to 255.75p at 12:35 on Wednesday.OH