Plexus Holdings will hold its Annual General Meeting today at which Robert Adair, Chairman, will make the following statement:
"Despite this period of global uncertainty and financial pressures, Plexus delivered excellent results, recording a 14% increase in turnover to £15.1m and pre-tax profits of £1.8m. As a result, we were delighted to initiate the payment of an inaugural dividend at our half year and hope to adopt a progressive dividend policy going forward. As such a final dividend of 0.38p per share is being proposed for formal approval at today's Annual General Meeting.
"Our growth was driven by our High Pressure/High Temperature ('HP/HT') POS-GRIP® wellhead rental activities, in which we have continued to invest in inventory. Furthermore various new and extended contracts with major international oil and gas companies were signed during the period, which highlight the growing recognition of our products and the superior nature of our POS-GRIP method of engineering. These included ConocoPhillips, Royal Dutch Shell plc, Shell Egypt, Brunei Shell Petroleum Sdn Bhd, BP Egypt and Red Sea Petroleum Operating Company.
"I have no doubt that the year ahead will continue to present challenging market conditions as global markets stabilise. However, our financial year has already begun well, with four new contracts signed since the beginning of July 2009. This gives me confidence that Plexus, with its patented proprietary technology, strong client base and robust balance sheet, is well positioned to weather the recent downturn in oil and gas exploration activity and in turn, see steady growth throughout the remainder of the year and beyond."