North Sea contracts help boost profits at Plexus

Plexus, the Aberdeen-based oil and gas engineering firm, this morning posted an 18 per cent rise in half-year profits after winning contracts in Asia and the North Sea.

The Aim-quoted company, which specialises in well heads that can be used at high temperatures and high pressures, grew its pre-tax profits to £1.7 million in the six months to 30 December from £1.5m in the corresponding period in 2011.

Turnover rose by 21 per cent to £11.3m, with the firm declaring an interim dividend of 0.44p, up 12.8 per cent.

Ben van Bilderbeek, Plexus’ chief executive, highlighted further opportunities for growth in emerging markets such as Brazil and with oil drilling in the Arctic.