Shares in Plexus Holdings, the Aberdeen-based oil and gas technology firm, lost a fifth of their value yesterday in the wake of a warning over current sales.
The Aim-quoted company said that revenues for its current financial year, ending on 30 June, are running “materially behind expectations”.
Shares closed down 20 per cent at 83p following the update, which came less than a month after Plexus secured a four-year framework agreement to provide equipment to sector giant Centrica in Norwegian waters.
The company, which has developed a system aimed at preventing the type of blowout behind the 2010 Gulf of Mexico disaster that killed 11 people, said it was in negotiations over several new contracts that, “if they fall within this financial year will go some way to recovering this shortfall for the year, or will help to underpin visibility for the next financial year”.
Chief executive Ben van Bilderbeek added: “The new business opportunities that Plexus is seeing at present are increasing, with pricing levels in line with our expectations.
“The continued underinvestment in the sector will, we believe, result in an increased level of activity from operators in the second half of 2017 onwards, which Plexus is undoubtedly well placed to capitalise on.”