LONDON (ShareCast) - (Sharecast News) - Plexus said in an update on Monday that it expects its financial results for the year ended 30 June to be in line with market expectations, as the AIM-listed wellhead specialist continued to expand its operations in key growth markets including the Middle East and North America.
Following a £3.5m fundraising in March, Plexus said it had placed orders for four of eight new 'Exact EX' rental wellhead systems, with delivery of the initial units due by the end of 2025.

Revenue from those was expected to start in the first quarter of 2026.

The remaining four units would be ordered shortly, doubling the company's rental fleet to 16 systems.

Progress was also being made on a previously-announced exploration project in the United Arab Emirates, with equipment soon to be shipped.

The initial campaign was expected to generate around $1m in revenue, and the company said it was pursuing further opportunities in the region, which it saw as a key strategic growth area.

Plexus also confirmed that its subsea wellhead intervention equipment, developed under a specialised rental contract, was now fully qualified and ready for offshore deployment.

In North America, the company had agreed terms for a new wellhead rental contract in the US, with shipment and deployment expected in the third quarter of this year.

"We are pleased with the continued operational and commercial progress made during the year," said chief executive officer Craig Hendrie.

"The successful fundraising in March has enabled us to accelerate the expansion of our Exact EX rental fleet and position Plexus to meet growing global demand."

He added that Plexus's engineering capability and ability to deliver high-specification equipment into technically challenging environments continued to set it apart in the sector.

At 1126 BST, shares in Plexus Holdings were down 0.59% at 9.2p.

Reporting by Josh White for Sharecast.com.

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