Plexus confident 'best days' lie ahead

Oil and gas engineering services business Plexus provided investors with an update at its annual general meeting on Wednesday.

While Plexus said the ongoing Covid-19 pandemic could continue to impact energy consumption levels and timings into 2021, the group added that it was "confident" that "the best days" for its proprietary technology lie ahead.

The AIM-listed group said its confidence was based on the combination of the momentum behind the energy transition, the higher level of scrutiny operators are under to avoid and tackle emissions, and the growing pressure to manage costs in the current volatile oil and gas price environment where margins are under pressure.

"POS-GRIP delivers on all counts," said incoming chairman Graham Stevens.

"With a capital-light licensing model, a debt-free balance sheet and a proven track record, Plexus is well placed to succeed for the benefit of all stakeholders in the energy transition."

As of 1010 GMT, Plexus shares were up 2.41% at 19.97p.