REG - Plexus Holdings Plc - Trading Update

Plexus HoldingsAnnouncement

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RNS Number : 7163Y  Plexus Holdings Plc  31 March 2026

This announcement contains inside information

 

31 March 2026

Plexus Holdings PLC

("Plexus" or the "Company")

 

Trading Update

 

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business,
provides a trading update for the financial year ending 30 June 2026 ("FY26").

 

Current Trading

Plexus continues to execute its strategy to develop a higher-margin rental
model. In line with this, its rental fleet is being doubled to 16 Exact EX
wellhead sets, with up to 12 expected to be available in the near term,
providing capacity to respond quickly as activity levels recover.

 

The Company continues to see sustained interest in its technology and
maintains a strong pipeline with a high conversion rate, although projects are
typically seeing significant delays in starting from when the operator
initially intended. Current activity includes orders for rental wellhead
equipment and services for several plug and abandonment ("P&A") wells,
representing approximately £1.5m of work under a Framework Agreement with a
UK Continental Shelf ("UKCS") operator. The exploration drilling project in
the Middle East is due to resume activities this week, after a hold in
operations there caused by the current hostilities in the region.

 

However, progress on other North Sea projects has been slower than expected,
with a number of CCS and gas storage wells, as well as some P&A activity
delayed at the planning stage. The North American rental contract has been
delayed and now scheduled for deployment in Q1 2027. These delays reflect
external factors including uncertainty around UK Government oil and gas policy
and broader geopolitical influences on customer decision-making.

 

Financial Position

The Company considers current project delays to be a deferral of activity
rather than lost work. Whilst it is possible that some material contracts
could be signed during H2 of FY26, due to the timing of orders, it is now
likely that revenues for the current financial year will be significantly
below previous expectations.

 

The Company believes that, with no additional capital expenditure required in
the immediate future, current working capital resources together with revenues
generated as current projects progress are sufficient for the immediate
future.

 

Outlook

While the timing of North Sea projects remains uncertain, the Company remains
confident in the underlying fundamentals of the business and the strategic
positioning of the Company. The pipeline of opportunities remains strong and
customer demand for the Plexus technologies and services continues to be
positive.

 

 

ENDS

 

For further information please visit www.plexusplc.com
(http://www.plexusplc.com/) or contact:

 

 Plexus Holdings PLC                Tel: 01224 774222

 Craig Hendrie, CEO

 Mike Park, CFO

 Cavendish Capital Markets Limited  Tel: 0131 220 6939

 Derrick Lee

 St Brides Partners Ltd             plexus@stbridespartners.co.uk

 Isabel de Salis

 Paul Dulieu

 

NOTES

Plexus Holdings plc (AIM: POS) (www.plexusplc.com (http://www.plexusplc.com) )
is an Aberdeen-headquartered specialist in innovative wellhead systems and
related products for offshore operations. Renowned for its POS-GRIP® and HG®
metal-to-metal sealing technologies, Plexus delivers solutions that reduce
operational risk, prevent blowouts, cut methane emissions and lower
maintenance costs, supporting the oil and gas industry's ESG and Net Zero
objectives. The Company focuses on jack-up rig applications across
exploration, appraisal and plug and abandonment, as well as emerging markets
including carbon capture and storage, hydrogen and geothermal, working with
major partners including SLB and TechnipFMC.

 

 

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