Plexus Holdings plc
Plexus Holdings plc designs, develops and supplies patented POS-GRIP wellhead equipment and related products and services for oil and gas drilling and production, carbon capture and storage (CCS), and well plug and abandonment (P&A) activities, specialising in adjustable wellhead equipment (Exact-EX) for Jack-up rigs. The Group earns revenue from equipment rental, equipment sales, licensing/royalties, and engineering/support services, operating from Aberdeen, Scotland with growing exposure to the Middle East and USA. It licenses certain surface wellhead technology non-exclusively to SLB (Schlumberger/Cameron) while retaining rights to subsea and specialised applications.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 18 Dec 2025 · 80 pages · Companies House
Plexus Holdings plc, which supplies patented wellhead equipment for offshore oil and gas wells, saw revenue fall to £4.5m in the year to 30 June 2025, from £12.7m the year before. It made a loss after tax of £3.3m, against a profit of £2.9m.
The report says the previous year was lifted by a one-off licensing deal with SLB worth £4,082k, which had no matching costs, and by a large North Sea project. This year several projects were postponed, and uncertainty over changes to a UK tax on energy companies' profits slowed drilling work. The chief executive said the loss reflects a decision to reinvest in its fleet of rental equipment.
Cash at the year end was £2.5m, the same as a year earlier, after the company raised £3.2m from new shares in April 2025. Dividends remain suspended. Management expects new rental work in the USA and the Middle East in early 2026. The auditor flagged a serious uncertainty over whether the company can keep going: it relies on a new £2m loan from a company linked to its chairman and on winning sales not yet contracted.
Exact Jack-up rental wellhead fleet utilisation
Growing revenue through utilisation of Exact equipment, generating circa £2,160k in the year; April 2025 raise used to double the Exact-EX rental fleet
page 9Prior year one-off SLB licensing agreement had no associated cost of sale
Gross margin decreased from 72.17% (2024) to 51.42% (2025); year-to-year comparison adds little value given the prior year included the one-off SLB licensing agreement with no associated cost of sale
page 6CEO Craig Hendrie: this year was one of active rebuilding with significant progress expanding the rental wellhead fleet and re-establishing momentum in the core Jack-up business; the loss before tax of £3.27m is consistent with the strategic decision to reinvest in the rental model
page 3No dividends paid in the year and no final dividend proposed; Directors believe it prudent to suspend dividend payments given ongoing capital and operational requirements, while remaining committed to distributing dividends to shareholders when appropriate
page 811 years on one page · FY2015–FY2025
| Line | FY2015locked | FY2016locked | FY2017locked | FY2018locked | FY2019locked | FY2020locked | FY2021locked | FY2022locked | FY202306/23 | FY202406/24 | FY202506/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Operating profit | |||||||||||
| Profit for the year | |||||||||||
| Basic EPS | |||||||||||
| Dividend per share | — | ||||||||||
| Free cash flow | |||||||||||
| Net debt (negative = net cash) | |||||||||||
| Shares in issue | |||||||||||
| Operating margin | |||||||||||
| Return on capital employed |
GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 344 confirmed, 22 differ.
No figure has been restated: every figure a later report printed again, it printed the same.