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Highlights
- Revenue of GBP 4.48m with a reported loss before tax of GBP 3.3m for FY2025.
- Secured new contracts in the Middle East, North Sea, and North America, supported by expansion of the Exact rental wellhead fleet.
- Post-period agreements and a GBP 2m loan facility provide financial flexibility and support strategic growth initiatives for 2026.
Plexus Holdings PLC (LSE:POS), the AIM-listed wellhead services provider, has released its final results for the year ending 30 June 2025. The company reported a decline in revenue and a loss before tax for the period, while continuing to secure new contracts and expand its wellhead equipment fleet to support operations in key international markets.
Financial Performance for FY2025
The company’s revenue for the year totalled GBP 4.48m, down from GBP 12.7m in 2024. Plexus reported an adjusted EBITDA loss of GBP 1.1m compared with a profit of GBP 5.4m the previous year. Loss before tax was GBP 3.3m, a reversal from the GBP 2.8m profit reported in 2024. Loss after tax stood at GBP 3.3m, with basic loss per share of 2.70p (2024: 2.83p earnings per share).
Despite the reduction in revenue, Plexus maintained cash and cash equivalents at GBP 2.5m and total equity increased to GBP 16.1m from GBP 15.4m in the previous year. Total assets were reported at GBP 17.7m, down from GBP 19.9m in 2024.
Operational Developments During the Year
Throughout 2025, Plexus secured and delivered several high-value contracts. In November 2024, the company secured a c.$1m Middle East gas exploration contract, utilising its Exact Jack-up rental wellhead equipment, with operations expected to commence in Q1 2026. In December 2024, Plexus completed a North Sea special project generating over GBP 9m in revenue.
The company also expanded its rental equipment fleet, completing the build of four new Exact sets in March 2025 and ordering an additional four sets in April 2025, scheduled for delivery in January 2026. These additions aim to support Middle East operations in the coming year. Pre-engineering work for a North Sea subsea intervention project was completed in May 2025, and the first phase of a North Sea Dutch sector plug and abandonment (P&A) contract generated GBP 1.9m in revenue in June 2025.
Strategic and Post-Period Updates
Following the year end, Plexus continued to strengthen its market position. Board changes were announced in July 2025, with Dr Stuart Paton joining as Non-Executive Director. Additional contracts were secured, including a North American rental wellhead contract expected to commence in Q1 2026. A two-year framework agreement with a North Sea operator was signed in November 2025 to provide wellhead services and equipment in the UK offshore sector.
Financial flexibility was further enhanced in December 2025 with a GBP 2m loan facility agreed with OFM Holdings Ltd, supporting both operations and strategic growth initiatives. R&D investment remained a priority, with GBP 442k spent on patents and product development, alongside the completion of the annual API audit retaining API Q1 accreditation.
