Plexus Holdings PLC shares jumped on Monday following interim results which the firm said ‘demonstrate [its] key progress...during the period’.

Shares in Plexus were up 3.5% at 17.08 pence on Monday afternoon in London.

The Aberdeen-based oil and gas engineering services company reported a £2.2 million pretax profit for the six months to December 31, compared with a £2.1 million loss the year before.

Earnings before interest, tax, depreciation and amortisation swung to £3.1 million from a £1.1 million loss. Earnings per share totalled 2.19 pence, following a 2.06p loss.

Revenue meanwhile surged more than sevenfold to £5.1 million from £709,000. This was driven by Plexus’ IP licensing agreement with Schlumberger NV, known as SLB, announced in January, which it said has generated $5.2 million or £4.1 million in revenue.

Administrative expenses remained broadly flat year-on-year at £2.6 million.

‘Plexus’ results for the six months to December 2023 demonstrate the key progress that has been made during the period in relation to organic and corporate activities,’ commented Non-Executive Chair Jerome Thrall. ‘These activities reflect the group’s ongoing investment in and support for its strategy of growing both Plexus’ existing and new revenue streams with licencing partners.’

He added that various corporate and operational developments during the year ‘have significantly increased shareholder value’.

Looking ahead, Plexus expects its performance for the year ending on June 30 to be in line with market forecasts.

Thrall added that Plexus expects the transition to renewable energy to be ‘gradual and complex’ with oil and gas remaining ‘essential energy sources for many years to come’. The company also ‘believes that Plexus’ technology stands as a pivotal solution particularly regarding the mitigation of methane leaks at the wellhead’.

‘With this background, and as the...industry continues to evolve, Plexus is poised for sustained expansion,’ he added.

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