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Plexus losses deepen as oil-price slump hurts demand

By BFN News | 09:15 AM | Wednesday 02 December, 2020

Oil services group Plexus posted a deeper annual loss after a pandemic-led drop in crude prices quieted activity in the global oil and gas sector. Pre-tax losses for the year through June amounted to £5.1 million, compared to losses of £3.7 million year-on-year. Revenue sank to £0.5 million, down from £3.6 million. Plexus at net cash at the end of June of £4.1 million, down from £5.1 million a year earlier. 'The Covid-19 pandemic and the consequential decline in the energy market and global economy in general has inevitably impacted on our progress, although I believe that we have weathered the storm well and are now well placed to return to growth as our industry begins to recover,' chief executive Ben van Bilderbeek said. 'Whilst oil and gas operators, together with service companies, have had to scale back their operations and lay off thousands of employees, we have been able to reduce our costs and survive the period without any layoffs.' 'This means we are well prepared to benefit from the return to growth that the industry will undoubtedly see in 2021, as we continue to target direct equipment sales and support our licensees, in particular Cameron, to rapidly introduce POS-GRIP to their customers and markets.' At 9:15am: (LON:POS) Plexus Holding PLC share price was 0p at 22p Story provided by

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