Companies: POS   

Tough credit markets have not stopped oil and gas services specialist Plexus Holdings upping its banking facility and winning new orders.

Aberdeen-based Plexus, whose equipment is designed to enhance the efficiency, safety and cost effectiveness of high-pressure and high-temperature exploration and production well-heads, has increased its bank facility with HBOS from £2.5 to £4 million in the wake of a 640 per cent pre-tax profits increase to £1.3 million in the six months to September. The AIM-quoted company, whose proprietary POS-GRIP technology has won it contracts with the likes of Canadian Natural Resources, Sterling Energy, Shell, BP, Statoil and Gaz de France, is establishing a service base in Malaysia and exploring new POS -GRIP applications, such as ‘sub-sea’ operations.

Finance director Graham Stevens argues Plexus, headed by veteran sector innovator Ben van Bilderbeek, is winning increasing industry recognition. He says the company, whose shares were floated at 59p in late 2005, does not intend to come back to shareholders unless an unusually large opportunity emerges, in terms of a contract ore acquisition.

Plexus shares, which hit 104.5p two years ago before slumping to 35.5p last May, have rallied to 62.5p, up 4p this morning, where they value the company at £50 million. They could outperform several sector peers.   

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Plexus	AIM	£33.68m	42.00p	-1.00p
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Other company articles:
Plexus advances			15/10/2008
Shell deal cheers Plexus			11/08/2008
Swedish deal cheers Plexus			08/07/2008
Plexus on expansion trail			21/04/2008
Plexus Holdings			31/10/2007