Plexus profits boosted by contract wins

Oil and gas technology firm Plexus Holdings today reported a 10 per cent rise in first-half profits after a string of contract wins in the North Sea and further afield.

The Aberdeen-based company posted a pre-tax profit of £1.9 million for the six months to 31 December, up from £1.73m a year earlier, on revenues 12 per cent higher at £12.6m.

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Plexus designs well-heads to prevent the types of blow-out behind the 2010 Gulf of Mexico oil spill and chief executive Ben van Bilderbeek said it had benefited from £2.5m of contracts from Statoil in the Norwegian sector of the North Sea, and picked up its third Australian customer in the form of Eni.

Shareholders in the Aim-quoted firm will get an interim dividend of 0.48p a share on 25 April, up 9 per cent on a year ago.