PLEXUS Holdings, the Aberdeen-based oil and gas engineering service business, said yesterday its results for the six months to December 31 were in line with management expectations.
Chief executive Ben van Bilderbeek said the first-half results reflected the profile of the company’s order book, which was geared towards cash flow in the second half.
He said: “Although this phasing inevitably impacts on profitability in the first half, we have during the period under review made tremendous progress in achieving further industry recognition for the benefits of our proprietary POS-GRIP wellhead equipment.
“Our recent contract wins act as testament to this.
“These included a £1.7million contract with Conoco Phillips for our high-pressure/high-temperature (HP/HT) and X-HP/HT equipment which we hope will lead to significant levels of future business.
“There was also a second longer four-year contract with Shell Brunei.”
He added that Plexus was in the fortunate position of benefiting from long-term contracts with many major international oil and gas companies with lengthy and sizeable exploration projects.
He also said: “We are committed to continuing our product research and development and look forward to translating the market success we have had with our exploration wellhead equipment into the significantly larger production wellhead market.”
Plexus reported half-year pre-tax profits of £42,000 yesterday, down from £1.29million a year earlier. Revenue was £6.7million, compared with £6.66million the year before.