Companies: POS   

Energy engineering specialist Plexus turned a £163,000 loss into a £120,000 interim pre-tax profit on a threefold turnover gain.

AIM-quoted Plexus, which owns the proprietary POS-GRIP innovative wellhead engineering system, boosted turnover from £1.5 million to £4.4 million in the six months to December, which saw the installation of the first production wellheads for BP’s Shah Deniz project in the Caspian Sea. The first half-year also brought rental wins with BG International and Maersk Oil.

This activity helped Plexus turn a £27,000 operating loss in the first half of 2005-06 onto a £303,000 operating profit this time. Chief executive officer Ben van Bilderbeek says sales growth ‘demonstrates the growing acceptance by the industry of the technical benefits of our proprietary method of engineering’.

Market scepticism persists, however. Plexus shares, floated in 2005 at 59p, hit 104p in January last year, but now trade at 48.5p, down 3p today.

Plexus	AIM	£32.87m	41.00p	2.00p
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