Plexus Holdings, the AIM-quoted wellhead services business, has reported a loss and fall in revenue as it noted the impact of taxes on North Sea activity.
Sales revenue fell to £4.48 million for the year ending 30 June 2025, down from £12.7m in the prior year.
There was an adjusted EBITDA loss of £1.1m against a profit of £5.4m last time, with a reported loss before tax of £3.3m.
Its performance reflects a strategic reinvestment in the rental model and expansion of operations, including securing a $1m Middle East gas exploration contract and completing a North Sea special project generating over £9m.
The 2024 results were materially influenced by a one-off exceptional licence deal, which elevated both revenue and profit for that period.
The company raised £3.5m in April 2025 to fund fleet expansion and strengthen its balance sheet, ending the year with £2.5m in cash and cash equivalents.
Chief executive Craig Hendrie said: “This year has been one of active rebuilding, with significant progress made in expanding our rental wellhead fleet and reestablishing momentum in our core Jack up business.
“While last year’s £2.93m profit was driven by a one-off licence transaction, this year the Group reported a loss before tax of £3.27m which is consistent with our strategic decision to reinvest in the rental model and strengthen our rental operations.
“Operationally, we delivered steady activity in the North Sea, although several projects scheduled for the period were postponed due to continued uncertainty in the region.
“The lack of clarity around proposed changes to the Energy Profits Levy has slowed not only new exploration and development drilling but also decommissioning and Carbon Capture and Storage (CCS) work across the UK.”
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