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


<< Dec 2017 >>
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

European Gas Conference 2018

The European Gas Conference celebrated its tenth anniversary amid an air of increasing optimism following considerably shifting markets in the last few years…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >


This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >