Trading Update

Plexus Holdings Plc

31 March 2026

 

This announcement contains inside information

31 March 2026

Plexus Holdings PLC

("Plexus" or the "Company")

Trading Update

Plexus Holdings PLC (AIM: POS), the AIM quoted wellhead services business, provides a trading update for the financial year ending 30 June 2026 ("FY26").

Current Trading

Plexus continues to execute its strategy to develop a higher-margin rental model. In line with this, its rental fleet is being doubled to 16 Exact EX wellhead sets, with up to 12 expected to be available in the near term, providing capacity to respond quickly as activity levels recover.

The Company continues to see sustained interest in its technology and maintains a strong pipeline with a high conversion rate, although projects are typically seeing significant delays in starting from when the operator initially intended. Current activity includes orders for rental wellhead equipment and services for several plug and abandonment ("P&A") wells, representing approximately £1.5m of work under a Framework Agreement with a UK Continental Shelf ("UKCS") operator. The exploration drilling project in the Middle East is due to resume activities this week, after a hold in operations there caused by the current hostilities in the region.

However, progress on other North Sea projects has been slower than expected, with a number of CCS and gas storage wells, as well as some P&A activity delayed at the planning stage. The North American rental contract has been delayed and now scheduled for deployment in Q1 2027. These delays reflect external factors including uncertainty around UK Government oil and gas policy and broader geopolitical influences on customer decision-making.

Financial Position

The Company considers current project delays to be a deferral of activity rather than lost work. Whilst it is possible that some material contracts could be signed during H2 of FY26, due to the timing of orders, it is now likely that revenues for the current financial year will be significantly below previous expectations.

The Company believes that, with no additional capital expenditure required in the immediate future, current working capital resources together with revenues generated as current projects progress are sufficient for the immediate future.

Outlook
While the timing of North Sea projects remains uncertain, the Company remains confident in the underlying fundamentals of the business and the strategic positioning of the Company. The pipeline of opportunities remains strong and customer demand for the Plexus technologies and services continues to be positive.

ENDS

For further information please visit www.plexusplc.com or contact:

Plexus Holdings PLC   Craig Hendrie, CEO Mike Park, CFO	Tel: [phone]
Cavendish Capital Markets Limited Derrick Lee	Tel: [phone]
St Brides Partners Ltd Isabel de Salis Paul Dulieu	[e-mail]

NOTES

Plexus Holdings plc (AIM: POS) (www.plexusplc.com) is an Aberdeen-headquartered specialist in innovative wellhead systems and related products for offshore operations. Renowned for its POS-GRIP® and HG® metal-to-metal sealing technologies, Plexus delivers solutions that reduce operational risk, prevent blowouts, cut methane emissions and lower maintenance costs, supporting the oil and gas industry's ESG and Net Zero objectives. The Company focuses on jack-up rig applications across exploration, appraisal and plug and abandonment, as well as emerging markets including carbon capture and storage, hydrogen and geothermal, working with major partners including SLB and TechnipFMC.

 

END