Oil and gas engineering services firm Plexus Holdings said today its full-year results would be ahead of market and management expectations.
The AIM-listed firm said its high pressure high temperature wellhead business was particularly strong with demand showing no sign of slowing down.
Aberdeen-based Plexus, which has developed its proprietary Pos-Grip friction-grip method of wellhead engineering, last year posted a 144% increase in annual pre-tax profits to £1.57million.
This was on revenues of £15.42million – up 17% on 2010.
The firm said: “Full year (to the end of June) 2012 earnings are now expected to be ahead of market expectations with after-tax profits and earnings per share materially in excess of current analysts’ forecasts.”
Just this week Plexus announced a £1.15million order with Talisman Energy for the supply of its Pos-Grip wellhead and mudline suspension equipment for two wells in the Norwegian North Sea.
The firm also said it had made progress on its HGSS subsea wellhead design joint industry project and signed its first Pos-Grip worldwide licensing agreement with Italy’s Breda for the supply of wellhead equipment to Italian oil firm Eni.
It had also progressed a high pressure/high temperature tieback wellhead system joint industry partnership with Maersk Oil North Sea UK.
Plexus is to announce its annual results next Tuesday.
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