Plexus Holdings Plc Swings to Loss in FY2025 Amid Strategic Rebuilding and North Sea Challenges

Plexus FY2025: Losses Return as Rental Fleet Rebuilds and UK Delays Bite

Plexus Holdings has posted a sharp swing to loss for the year to 30 June 2025 as it rebuilds its Jack-up rental wellhead business and navigates a slower North Sea market. The headline numbers look tough against last year, but 2024 was flattered by a one-off licensing deal. The focus now is on growing a rental fleet designed for repeatable revenues, with key projects slated to kick off in early 2026.

For context: POS-GRIP is Plexus’ proprietary wellhead technology, and Exact is its adjustable wellhead system for Jack-up rigs, aimed at exploration, P&A (plug and abandonment), CCS and related work.

FY2025 headline numbers investors should know

Metric	FY2025	FY2024
Revenue	£4.48m	£12.72m
Adjusted EBITDA	£1.07m loss	£5.45m profit
(Loss) / profit before tax	£3.27m loss	£2.80m profit
Basic (loss) / earnings per share	2.70p loss	2.83p earnings
Gross margin	51.42%	72.17%
Cash and cash equivalents	£2.54m	£2.49m
Total equity	£16.17m	£15.41m
R&D spend	£442k	£558k

Two customers represented the bulk of revenue again in 2025 – £2.22m and £1.92m respectively – highlighting ongoing revenue concentration.

Why the year-on-year comparison looks harsh

The 2024 base was unusually strong due to a one-off SLB licensing agreement of £4.08m and a major North Sea rental project. In 2025, revenue fell to £4.48m as that exceptional licensing income dropped to zero and the company pivoted back to building its rental fleet and pursuing core Jack-up activity.

Gross margin also normalised to 51.42% as rental asset depreciation increased to £681k and the prior year had no cost of sale attached to licensing income. Administrative expenses were tightly held at £5.55m, broadly flat on last year.

Operational progress and a 2026-heavy pipeline

• December 2024 – completed a North Sea special project generating over £9m of revenue.
• June 2025 – completed phase one of a Dutch sector P&A contract, generating £1.9m. Operations are expected to resume in 2026.
• November 2024 – won a c.$1m Middle East gas exploration contract using Exact Jack-up rental equipment, now expected to commence in Q1 2026.
• March 2025 – built four new Exact rental wellhead sets to support Middle East work.
• April 2025 – ordered a further four Exact wellheads, delivery expected January 2026 for Q1 2026 deployment.
• July 2025 – secured a rental wellhead contract for North America, expected for Q1 2026 deployment.
• September 2025 – completed a North Sea subsea intervention well using subsea rental equipment.
• November 2025 – signed a two-year Framework Agreement with a North Sea operator to provide wellhead services and associated equipment in the UK offshore sector.

Management flags UK uncertainty around the Energy Profits Levy as a drag on exploration, development, decommissioning and CCS activity. That helps explain why the operational focus has shifted to the Middle East and North America, both of which point to activity starting in Q1 2026.

Cash, funding and going concern – the fine print

Cash closed at £2.54m, little changed year-on-year. In April 2025, Plexus raised £3.5m gross at 6.5p (c.£3.15m net) and converted £0.7m of outstanding loan notes into equity, issuing 67,305,127 new shares. Share capital rose to 172,691,366 ordinary shares and total equity increased to £16.17m.

Post year end, the company agreed a loan facility of up to £2m with OFM Holdings Ltd to provide flexibility and support growth. The going concern statement is clear: the Group is reliant on receiving additional funding under the new loan facility and on converting currently uncontracted sales growth in 2026. Failure to achieve either would have a material impact and represents a material uncertainty over going concern.

In short, liquidity looks adequate today, but the bridge to 2026 revenue needs to be crossed carefully. Investors should watch for drawdowns under the facility and firm contract start dates in the Middle East and North America.

Strategy reset: rental-led growth with POS-GRIP optionality

Plexus is doubling down on the Exact-EX rental fleet, which is positioned as a cost-effective adjustable wellhead for modern Jack-up rigs across exploration, development, P&A and CCS pre-drilling. The Middle East is a strategic priority, with dedicated business development boots on the ground.

Crucially, Plexus retains rights to subsea and special POS-GRIP applications. Recent deployments, including a subsea intervention well and P&A campaigns that used elements of the Python subsea system, help de-risk future commercialisation. Management also notes that SLB is integrating POS-GRIP into its surface wellhead product lines, while Plexus explores potential licensing routes in other markets.

Operational quality and HSE credentials

Plexus maintained API Q1 accreditation and transitioned to the 10th Edition, and continues to hold API 6A and API 17D licences. The business achieved a milestone of 10 consecutive years without a lost time injury as of September 2025. Headcount was 39 at year end, reflecting a lean but capable team.

Risks and sensitivities to keep front of mind

• Going concern – dependent on access to the £2m facility and converting uncontracted 2026 sales.
• Regional policy – UK activity slowed amid Energy Profits Levy uncertainty.
• Revenue concentration – two customers represented the majority of FY2025 revenue.
• Competition – large, well-capitalised peers and cycles of consolidation can pressure adoption.
• Execution – timely delivery of new Exact units in January 2026 and on-time Q1 2026 deployments in the Middle East and North America.

My take: why this matters for shareholders

This set of results is about laying track rather than crossing the finish line. The loss reflects a deliberate rebuild of the rental model and the absence of last year’s one-off licensing income. The upside is a clearer 2026 pipeline: exact dates for Q1 deployments in the Middle East and North America, a two-year North Sea framework, resumed Dutch P&A and new Exact hardware arriving in January 2026.

The negatives are not trivial. The UK market remains choppy, gross margin has normalised, and the going concern note underlines that funding and 2026 conversion are critical. On the positive side, cash held steady, balance sheet equity improved after April’s raise, and operational credentials remain strong.

What to watch next: confirmation of start dates and day rates for Q1 2026 jobs, any call on the £2m facility, equipment utilisation of the expanded rental fleet, and progress on subsea and special POS-GRIP avenues. If the early-2026 jobs land on time, Plexus should finally start to see the benefits of this rebuild cycle.