UK's Plexus Holdings H1 revenue drops 58% as market slows

Plexus Holdings

31/03/2026 07:14

Overview

UK oil and gas engineering firm's H1 revenue fell sharply yr/yr amid reduced market activity

Loss before tax widened in H1, mainly due to lower sales

Company expanded rental fleet and established permanent UAE presence to support growth

Outlook

Company expects several projects to be delayed into next financial year due to market uncertainty

Plexus sees a strong pipeline of opportunities and improving industry sentiment in key regions

Result Drivers

REDUCED MARKET ACTIVITY - Co said revenue decline was due to lower activity levels across core markets, with UK exploration drilling at historic lows and delays in maintenance and decommissioning work

INTERNATIONAL UNCERTAINTY - Co said slower activity in international markets, especially the US, was due to global uncertainty

RENTAL MODEL FOCUS - Co shifted strategy to focus on high-margin wellhead rentals and fleet expansion to build a more resilient revenue base

Company press release: ID:nRSe7192Ya

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
GBP 1.20 mln
H1 Basic EPS
-GBP 0.01
H1 EBIT
-GBP 2.12 mln
H1 EBITDA
-GBP 1.05 mln
H1 Gross Profit
GBP 568,000
H1 Pretax Profit
-GBP 2.13 mln


Analyst Coverage

The one available analyst rating on the shares is "strong buy"

The average consensus recommendation for the oil related services and equipment peer group is "buy."

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 30 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)