Plexus in Profit Warning

Plexus' CEO, Ben Van Bilderbeek; PHOTO: Plexus

UK’s Plexus has seen a significant slowdown in planned activity by its customers to the extent that it cannot see the reduced activity levels being recovered in the current financial year as a result of a number of projects being delayed, postponed or cancelled, the company said Monday.

This has affected the company’s performance in H1 FY16 and will have a ‘very significant impact’ on the financial results for the full year to June 30, 2016 (FY 2016).

Plexus anticipates that revenues for H1 FY16 will be below £7 million, and revenues for H2 FY16 are expected to be approximately 20 per cent below those for H1 FY16.

To place the revenue reduction in perspective, the last quarter sales for calendar year 2015 were circa 50% below those of the previous quarter with the fall off accelerating in November and December 2015.

“Although H2 FY16 will be weaker than H1 FY16 it is anticipated that sales will stabilise going into the 2017 financial year prior to what the directors and other commentators expect to be a strong recovery in relation to exploration drilling activity when the oil price recovers to sustainable levels,” the company said in today’s trading update.

As a result of this, the company said that its financial results for the year to 30 June 2016 will be very significantly below market expectations.

Share this article

Follow Subsea World News


<< Oct 2017 >>
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Deepwater Operations Conference & Exhibition

The Deepwater Operations Conference and Exhibition provides a unique experience for attendees and exhibitors to share…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Rio Pipeline 2017

Rio Pipeline Conference & Exhibition has changed its branding design, to unify the whole pipeline community, in an even more complete event…

read more >