Plexus Holdings plc

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

Large one-off/major rental and special projects

North Sea special project completed December 2024 generated revenues of over £9m (prior comparative period); Dutch sector P&A contract generated £1.9m in June 2025

Prior 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

Rising rental asset depreciation

Rental asset depreciation (included in cost of sales) increased from £321k in the prior year to £681k in the current year due to investment in the rental fleet over the last two years

£4.1m credit: SLB one-off licensing agreement

CEO 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

July 2025 – board changes: appointment of Dr Stuart Paton as Non-Executive Director and resignation of Kunming Liu

No 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

Auditor Crowe U.K. LLP gave an unmodified opinion (true and fair view) but drew attention to a material uncertainty related to going concern (note 1b): the Group and Company are reliant on receipt of additional funding under a new £2m loan facility with OFM Holdings Limited (a related party controlled by a trust of which Chairman Ben van Bilderbeek is settlor) and on converting currently uncontracted sales growth in 2026; failure to achieve either would cast significant doubt on the ability to continue as a going concern. Key audit matters: (1) impairment of intangible assets/goodwill (net book value £8.6m), given net asset value exceeded market capitalisation at reporting date; (2) carrying value of Parent Company investments in subsidiaries (£7.2m) and intercompany receivables (£2.8m). Group materiality £150,000 (5% of Group loss before tax, before non-recurring items); Parent materiality £80,000. Auditor tenure 19 years with audit partner rotation every 5 years.