REG - Plexus Holdings Plc - Interim Results
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RNS Number : 7192Y Plexus Holdings Plc 31 March 2026
This announcement contains inside information
31 March 2026
PLEXUS HOLDINGS PLC
("Plexus" or the "Company" or the "Group")
INTERIM RESULTS
Plexus Holdings plc, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP® method of wellhead engineering,
announces its interim results for the six months to 31 December 2025 (H1
2026).
Financial Overview
· Sales revenue: £1.20m (H1 2025: £2.87m)
· Loss before tax: £2.13m (H1 2025 profit: £1.31m)
· EBITDA loss: £1.05m (H1 2025 loss: £0.22m)
· Total asset values: £17.98m (H1 2025: £17.45m)
Operational Overview
· April 2025 - Ordered first four new wellhead sets as part of
strategy to double rental fleet to 16, strengthening ability to respond
immediately as activity levels recover
· July 2025 - Appointed Dr Stuart Paton to the Board as Non-Executive
Director
· July 2025 - Secured rental wellhead contract for North American
market with deployment expected in Q4 of 2026
· September 2025 - Completed North Sea subsea intervention well
· November 2025 - Signed two-year Framework Agreement with UK
operator to provide wellhead services and associated equipment for projects in
the UK offshore sector, resulting in £1.5m of orders in March 2026
· November 2025 - Agreed loan facility of up to £2m with OFM
Holdings Ltd to provide financial flexibility and support operations and
strategic growth initiatives
· December 2025 - Relocated Plexus Business Development Manager to
the UAE to create a permanent Plexus presence in the region
· March 2026 - Commenced new offshore exploration well with Exact EX
adjustable wellhead equipment
Plexus CEO Craig Hendrie said: "While market conditions have been slower than
anticipated, we have used this time productively to strengthen our offering,
advance key prospects and build momentum across our core markets. During the
period, our priority has been execution, ensuring the business is
operationally and commercially ready to respond as activity levels return This
disciplined approach positions us well to move quickly as existing framework
agreements and opportunities convert to operational call-offs and new orders.
"A key focus has been scaling our rental model and leveraging our proprietary
technology. The expansion of our wellhead fleet, alongside increasing
opportunities to deploy and monetise our IP, provides a more robust and
repeatable revenue base. With a developing pipeline of work and improving
visibility across a number of regions and applications, we remain cautiously
confident in the Group's ability to deliver sustainable growth."
CHAIRMAN'S STATEMENT
Business Progress and Operations Review
The first half of the year was characterised by challenging market conditions,
driven by local government uncertainty and cyclical commodity prices. In the
UK, 2025 marked the first year since 1964 with no exploration drilling,
significantly reducing activity levels. Expected maintenance and Plug and
Abandonment ("P&A") work was also delayed due to the Energy Profits Levy
("EPL") and ongoing sector consolidation. Internationally, uncertainty led to
slower than anticipated activity, particularly in the US. However, the Board
believes this deferred work represents a backlog of necessary activity,
providing a clear basis for recovery as markets stabilise.
Our short-term strategy is to focus on the high-margin wellhead rental market,
particularly within Jack-up exploration and decommissioning activities. This
represents a deliberate shift towards a more resilient and capital-efficient
business model. Our Exact-EX wellhead system has shown to be cost effective
and efficient for customers for both new drilling activities, such as oil and
gas exploration and carbon capture and storage (CCS), and decommissioning
P&A work.
Following the £3.5 million fundraise in April 2025, we are on course to
double our rental fleet to 16 Exact-EX wellhead sets. With up to 12 sets
becoming available in the near term, Plexus now has the wellhead inventory in
place to respond immediately as activity levels recover. These high-margin,
reusable assets are expected to generate more predictable cash flows and
enhance resilience compared to traditional one-off equipment sales.
In light of recent geopolitical developments, we are taking a measured
approach to regional commentary while continuing to pursue a geographically
diversified strategy. Accordingly, Plexus continues to build its international
presence including in the Middle East where Jack-up rig activity remains
comparatively strong. In support of our current exploration drilling contract,
we relocated a Business Development Manager to the UAE to establish a
permanent regional presence. Following the completion of this initial project,
we anticipate follow-on work from the same customer and, importantly, interest
in our services from other operators.
In response to the ongoing transformation within the upstream oil and gas
sector, we have strategically positioned our portfolio around a single, fully
optimised wellhead system engineered specifically for Jack-up rig deployment.
This versatile solution is designed to deliver reliable performance across a
broad spectrum of well lifecycle applications, including late-life
decommissioning and P&A, CCS drilling campaigns, conventional offshore oil
and gas development, and subsurface hydrogen storage projects. This
diversification beyond conventional hydrocarbons broadens our addressable
market and reduces exposure to oil price volatility, while aligning the
business with longer-term energy transition trends.
Intellectual Property
Plexus remains an IP-led business with a defensible competitive position
underpinned by a portfolio of more than 80 patents protecting its core
technologies. These include the POS-GRIP® friction-grip method and HG®
metal-to-metal sealing systems, which are designed to deliver leak-proof
integrity and support net zero performance.
Following the recent licensing arrangement, SLB is expected to begin realising
benefits from the integration of POS-GRIP into its surface wellhead offerings
in the current calendar year. Plexus retains exclusive rights to all subsea
and specialised applications, with a clear strategic focus on advancing the
Python® Subsea Wellhead system. Designed for deepwater and
high-pressure/high-temperature (HPHT) environments, the Python system combines
the superior safety, reliability, and leak-proof performance of POS-GRIP
friction-grip mechanics and HG® metal-to-metal seals with a simplified
architecture that reduces installation trips and delivers significant time and
cost savings.
Plexus is well-placed to accelerate the commercialisation of its remaining
POS-GRIP applications, while continuing to expand its presence in
higher-margin subsea and production markets. This approach is intended to
unlock substantial additional value from the Group's proprietary technology in
the higher-margin subsea and production markets.
Interim Results
Plexus' results for the six months to 31 December 2025 reflect the early-stage
progress that has been made during the period in relation to organic
activities and the Board's strategy for growth.
Revenue decreased to £1.20 million (H1 2025: £2.87 million), reflecting
reduced activity levels across core markets. The Group reported a loss before
tax of £2.13 million (H1 2025: £1.31 million), primarily driven by lower
sales rather than any structural change in the business. These results should
therefore be viewed in the context of temporary external headwinds rather than
underlying operational performance.
Administrative expenses at £2.69m (H1 2025: £2.79m) remained broadly stable
during the period, and the Group continues to maintain a disciplined cost base
while preserving capacity for future growth.
Personnel numbers, including non-executive board members at the reporting date
are also in line with the prior year at 40 (H1 2025: 40). Headcount is
expected to increase in line with anticipated growth in operational activity.
The Group has not provided for a charge or a credit to UK Corporation Tax at
the prevailing rate of 25%. This is consistent with the prior year.
Basic loss per share for the period was 1.23p per share, which compares to
1.25p loss per share for the same period last year.
The balance sheet remains strong, supported by continued investment in both
intangible and tangible assets, with values of £7.49 million and £4.38
million respectively, reflecting the cumulative investment made in the
business and its long-term value. Total asset values at the end of the
period were £17.98m compared to £17.45m in the prior year.
Outlook
The first half of the financial year 2026 is broadly on target and in line
with expectations. The second half of the year was expected to see a
significant uplift in project activity, however, the unexpected slow progress
of projects materialising in the North Sea, as well as global uncertainty
affecting the Middle East and other markets, means that several projects are
now more likely to be delayed into the next financial year.
A strong pipeline of potential opportunities remains, and improving industry
sentiment, together with recently announced orders, shows that there continues
to be significant growth opportunity for Plexus. There are also signs that
exploration drilling activity is beginning to move forward in the Danish and
Norwegian sectors of the North Sea, Latin America and Africa. With wellhead
inventory now in place to support this activity, and plans to further monetise
our other IP, I am confident in Plexus' ability to deliver sustained growth
and value for our shareholders.
I would like to thank our employees, partners, and investors for their
continued support. As we build on our recent successes, we remain committed to
driving innovation, operational excellence, and shareholder value creation.
Ben van Bilderbeek
Non-Executive Chairman
31 March 2026
Unaudited Interim Consolidated Statement of Comprehensive Income
For the Six Months Ended 31 December 2025
Six months to Six months to Year to
31 December 31 December 2024 30 June
2025 2025
£'000 £'000 £'000
Revenue 1,202 2,873 4,481
Cost of sales (634) (1,372) (2,177)
Gross profit 568 1,501 2,304
Administrative expenses (2,685) (2,792) (5,550)
Operating loss (2,117) (1,291) (3,246)
Finance income 4 1 3
Finance costs (18) (24) (25)
Other income - - 2
Loss before taxation (2,131) (1,314) (3,266)
Income tax credit (note 6) - - -
Loss for year (2,131) (1,314) (3,266)
Other comprehensive income - - -
Total comprehensive Loss for the year attributable to the owners of the parent (2,131) (1,314) (3,266)
Loss per share (note 7)
Basic (1.23p) (1.25p) (2.70p)
Diluted (1.23p) (1.25p) (2.70p)
Unaudited Interim Consolidated Statement of Financial Position
As at 31 December 2025
31 December 2025 31 December 2024 30 June
2025
£'000 £'000 £'000
ASSETS
Goodwill 767 767 767
Intangible assets 7,494 8,076 7,761
Property, plant and equipment (note 9) 4,381 3,502 4,651
Right of use asset (note11) 1,399 182 30
Total non-current assets 14,041 12,527 13,209
Inventories 2,471 2,066 1,228
Trade and other receivables 631 1,561 694
Cash and cash equivalents 834 1,299 2,537
Total current assets 3,936 4,926 4,459
TOTAL ASSETS 17,977 17,453 17,668
EQUITY AND LIABILITIES
Called up share capital (note 10) 1,727 1,054 1,727
Share premium 3,353 - 3,353
Share based payments reserve 674 674 674
Retained earnings 8,285 12,368 10,416
Total equity attributable to equity holders of the parent 14,039 14,096 16,170
Lease liabilities (note 11) 1,129 - -
Drawn down loan facility (note 12) 900 - -
Total non-current liabilities 2,029 - -
Trade and other payables 1,660 2,223 1,410
Convertible loan - 875 -
Lease liabilities (note 11) 249 259 88
Total current liabilities 1,909 3,357 1,498
Total liabilities 3,938 3,357 1,498
TOTAL EQUITY AND LIABILITIES 17,977 17,453 17,668
Unaudited Interim Statement of Change in Equity
For the Six Months Ended 31 December 2025
Called Up Share Based Payments Reserve Retained Total
Earnings
Share Capital Share Premium
£'000 £'000 £'000 £'000 £'000
Balance as at 30 June 2024 1,054 - 674 13,682 15,410
Total comprehensive income for the period - - - (3,266) (3,266)
Issue of ordinary shares 673 3,353 - - 4,026
(net of issue costs)
Balance as at 30 June 2025 1,727 3,353 674 10,416 16,170
Total comprehensive income for the period - - - (2,131) (2,131)
Balance as at 31 December 2025 1,727 3,353 674 8,285 14,039
Unaudited Interim Statement of Cash Flows
For the Six months ended 31 December 2025
Six months to 31 December 2025 Six months to 31 December 2024 Year to
30 June
2025
£ 000's £ 000's £ 000's
Cash flows from operating activities
Loss before tax (2,131) (1,314) (3,266)
Adjustments for:
Depreciation, amortisation and impairment charges 1,068 1,073 2,171
Redemption premium on convertible loans - 19 19
Other income - - (2)
Investment income (4) (1) (3)
Interest expense 18 5 6
Changes in working capital:
Increase in inventories (1,243) (967) (129)
Decrease in trade and other receivables 63 1,313 2,177
Increase / (decrease) in trade and other payables 250 (994) (1,808)
Cash used from operating activities (1,979) (866) (835)
Net income taxes received - 132 132
Net cash used in operating activities (1,979) (734) (703)
Cash flows from investing activities
Purchase of intangible assets (215) (258) (442)
Interest and investment income received 2 1 3
Purchase of property, plant and equipment (237) (18) (1,633)
Proceeds from sale of property, plant and equipment - - 22
Net used in investing activities (450) (275) (2,050)
Cash flows from financing activities
Net proceeds from share issue - - 3,151
Drawdown of loan facility 900 - -
Repayments of lease liability (174) (174) (347)
Interest paid - (4) -
Net cash inflow / (outflow) from financing activities 726 (178) 2,804
Net (decrease) / increase in cash and cash equivalents (1,701) (1,187) 51
Cash and cash equivalents brought forward 2,537 2,486 2,486
Cash and cash equivalents carried forward 834 1,299 2,537
Notes to the Interim Report for the Six Months ended 31 December 2025
1. This interim financial information does not constitute statutory accounts
as defined in section 435 of the Companies Act 2006 and is unaudited.
The comparative figures for the financial year ended 30 June 2025 are not the
Company's statutory accounts for that financial year. Those accounts have been
reported on by the company's auditors, Crowe U.K. LLP, and delivered to the
registrar of companies. The report of the auditors was (i) unqualified, (ii)
included a material uncertainty as the going-concern assumption was subject to
additional funding (iii) did not contain a statement under section 498(2) or
(3) of the Companies Act 2006.
The interim financial information is compliant with IAS 34 - Interim Financial
Reporting.
2. Except as described below the accounting policies applied in these
interim financial statements are the same as those applied in the Group's
consolidated financial statements as at and for the year ended 30 June 2025
and which are also expected to apply for 30 June 2026.
There are a number of standards, amendments to standards, and interpretations
which have been adopted by the UK Endorsement Board that are effective in
future accounting. The Directors' have assessed the impact of these standards
and do not expect any significant impact to the Group on their adoption. The
Group financial statements are presented in sterling and all values are
rounded to the nearest thousand pounds except where otherwise indicated.
3. This interim report was approved by the board of directors on 30 March
2026.
4. The directors do not recommend payment of an interim dividend in relation
to this reporting period.
5. There were no other gains or losses to be recognised in the financial
period other than those reflected in the Statement of Comprehensive Income.
6. No corporation tax provision has been provided for the six months ended
31 December 2025 (2024: £nil). As a result, there is no effective rate of tax
for the six months ended 31 December 2025 (2024: 0%).
7. Basic (loss) / earnings per share are based on the weighted average of
ordinary shares in issue during the half-year of 172,691,366 (2024:
105,386,239).
8. The Group derives revenue from the sale of its POS-GRIP friction-grip
technology and associated products and services, and licence income derived
from its various licensing agreements. These income streams are all derived
from the utilisation of the technology which the Group believes is its only
segment. Business activity is not subject to seasonal fluctuations.
9. Property plant and equipment
Tenant Assets under construction Motor vehicles
Buildings Improvements Equipment £000 £000 Total
£000 £000 £000 £000
Cost
As at 30 June 2024 685 859 8,895 404 17 10,860
Additions - - 77 1,551 5 1,633
Disposals - - (892) - - (892)
Transfers - - 979 (979) - -
As at 30 June 2025 685 859 9,059 976 22 11,601
Additions - - 8 229 237
Disposals - - - - - -
Transfers - - 960 (960) - -
As at 31 December 2025 685 859 10,027 245 22 11,838
Depreciation
As at 30 June 2024 685 756 5,494 - 17 6,952
Charge for the year - 76 798 - - 874
Disposals - - (876) - - (876)
As at 30 June 2025 685 832 5,416 - 17 6,950
Charge for the year - 26 480 - 1 507
Disposals - -
As at 31 December 2025 685 858 5,896 - 18 7,457
Net book value
As at 31 December 2025 - 1 4,131 245 4 4,381
As at 30 June 2025 - 27 3,643 976 5 4,651
10. Share Capital
Six months to Six months to Year to
31 December 2025 31 December 2024 30 June
2025
£'000 £'000 £'000
Authorised:
Equity: 172,691,366 (June 2025 172,691,366, Dec 2024: 110,000,000) Ordinary 1,727 1,100 1,727
shares of 1p each
Allotted, called up and fully paid:
Equity: 172,691,366 (June 2025 172,691,366 Dec 2024: 105,386,239) 1,727 1,054 1,727
11. Leased assets and liabilities
Leased Assets
The Company's leased assets relate to a building. Key movements relating to
the lease balance are presented below:
£'000
As at 30 June 2024 334
Amortisation charge (304)
As at 30 June 2025 30
Lease modification (extension) 1,448
Amortisation charge (79)
As at 31 December 2025 1,399
Leased Liabilities
£'000
As at 30 June 2024 429
Lease payments (347)
Interest charge 6
As at 30 June 2025 88
Lease modification (extension) 1,448
Lease payments (174)
Interest charge 16
As at 31 December 2025 1,378
Terms for the 5-year extension of the Plexus House lease have now been
commercially agreed with the landlord. The extended lease commenced in
November 2025.
In accordance with IFRS 16, the Group has recognised a right‑of‑use
asset and corresponding lease liability of £1.4m, reflecting the present
value of future lease payments over the extended term. A discount rate of 8%
has been applied.
12. Drawn down loan facility
On 11 December 2025 the Company announced that it had entered into an
agreement for a £2m loan facility with OFM Holdings Limited, a company
ultimately owned by a trust of which Ben van Bilderbeek is settlor. This loan
facility will be used to manage the Group's working capital requirements in
the second half of FY2026. As at 31 December 2025 the Company had drawn down
£0.9m with a further £1.1m drawn down at the date of this report.
13. Subsequent Event
On 20 March 2026 the Company announced initial orders totalling £1.5m
received under a Framework Agreement with a UK operator, for work to be
performed in the UK Continental Shelf.
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