TIDMPOS
RNS Number : 9747U
Plexus Holdings Plc
29 November 2023
Plexus Holdings PLC / Index: AIM / Epic: POS / Sector: Oil
equipment & services
29 November 2023
Plexus Holdings plc ('Plexus' or 'the Group')
Preliminary Results
Plexus Holdings plc, the AIM quoted oil and gas engineering
services business and owner of the proprietary POS-GRIP(R) method
of wellhead engineering, announces its preliminary results for the
year ending 30 June 2023.
Financial Summary
-- Sales revenue GBP1,487k (2022: GBP2,306k)
-- Adjusted EBITDA GBP2,451k loss (2022: GBP2,780k loss)
-- Operating loss GBP4,261k (2022: GBP4,291k)
-- Loss before tax GBP4,228k (2022: GBP5,556k)
-- Loss after tax GBP4,015k (2022: GBP7,457k)
-- Basic loss per share 4.00p (2022: 7.42p loss)
-- Cash and cash equivalents of GBP1,449k (2022: GBP5,840k)
-- Bank borrowing of nil (2022: GBP3,958k relating to a drawn down Lombard facility)
-- The Group has no funds invested in financial assets (2022: GBP101k)
-- Convertible loan notes of GBP1,550k issued in the year (2022: nil)
Operational Overview
Revenue streams are derived from the direct rental and sale of
Plexus products together with the licencing of the Plexus'
POS-GRIP(R) method of friction-grip engineering technology to third
parties, including SLB (previously Schlumberger). The strategy is
to establish the Company's proprietary and patented leak-proof
wellhead systems, applications and specialist engineering solutions
across the oil and gas industry, whilst helping to meet ESG and net
zero goals by offering 'through the BOP' (Blow out Preventer)
wellhead designs, and leak-proof seals capable of maintaining their
integrity for the life of the well thereby avoiding costs
associated with maintenance and well shut ins.
-- September 2022 - shortlisted in the 'Environmental
Sustainability Innovation' and 'Significant Contribution to the
Industry' categories of the Offshore Network's OWI Global
Awards.
-- October 2022 - raised GBP1.55m through the issue of
Convertible Loan Notes ('CLN') to Ben van Bilderbeek, CEO of
Plexus, and Jeff Thrall, Non-executive Chairman of Plexus -
proceeds to be used for working capital purposes as the Group seeks
to capitalise on the pipeline of opportunities arising within its
target markets.
-- February 2023 - agreed the sale of leasehold interest along
with associated leasehold liabilities of Burnside House, a building
surplus to requirements in Aberdeen for a consideration of GBP1.05m
in cash.
-- March 2023 - secured a c.GBP5m contract for the rental of
proprietary POS-GRIP "HG(R)" wellhead equipment and sealing
technology for a specialised project application to be deployed
over 12 months.
-- May 2023 - SLB exercised its option to extend its
non-exclusive licence agreement with Plexus for an additional six
years effective from 10 November 2023, and confirmed that its
testing programme was progressing well.
Post period end
-- August 2023 - contract value of the major rental contract
announced on 6 March 2023 increased materially from c.GBP5m to
c.GBP8m.
-- September 2023 - entered into loan agreements with a total
value of GBP700,000 with Ben van Bilderbeek related entities -
funding to be used to provide additional working capital for the
Group as Plexus continues to invest in rental wellhead equipment
inventory, the special project contract and pursues a growing
pipeline of opportunities and potential orders.
-- September 2023 - successful completion of Oceaneering Plug
and Abandonment ('P&A') campaign originally announced in June
2022. Plexus Mud Containment System used sequentially on four
different wells generated revenues of GBP850,000, a 70% increase on
initial estimates.
-- October 2023 - successful placing of 2,750,000 Treasury
Shares raising GBP549,230 gross proceeds further strengthening the
balance sheet and helping to underpin future expansion plans.
-- October 2023 - contract for a P&A project secured through
licensor SLB for the rental of Exact adjustable wellhead system and
Centric Mudline tooling for a leading North Sea operator with a
value of c. GBP100,000.
-- November 2023 - contract with a value of c. GBP175,000
awarded by Neptune Energy UK for the rental of Exact adjustable
wellhead system and Centric Mudline Suspension equipment to allow
the permanent abandonment of a UK North Sea well.
Chief Executive Ben Van Bilderbeek said:
During the year to 30(th) June 2023, the Group made a loss
before tax of GBP4.23m, compared to a loss in the prior year of
GBP5.56m. Although revenues were lower than the prior year, the
board's focus on reversing these losses and the decisions taken as
part of the revised strategy has begun to have a positive impact
with significantly increased revenues and a return to profitability
anticipated for the 2023/24 financial year. Current activities are
centred around our re-entry into the drilling from Jack-up rigs
exploration rental wellhead business, sale of surface production
wellheads and the provision of special solutions and applications
to operators, for example in the Plug and Abandonment ('P&A')
market sector. At the same time, we are developing our licensee
relationship with SLB where we have licenced certain surface
production wellhead IP and technology.
Looking at the macroeconomic and oil and gas ('O&G') sector
backdrop, the clock is ticking as the world looks to achieve its
2030-2050 net zero goals. While the shift from an established
fossil-fuel intensive hydrocarbon-based energy system to one that
will focus on renewables and nuclear is irrefutably the right path
forward, at the same time reality must prevail as it is becoming
increasingly clear that O&G will for decades continue to play a
key role in the energy mix until various complex cost and
infrastructure challenges are overcome, including the establishment
of robust and reliable critical supply chains. Importantly, natural
gas is recognised as the key transition hydrocarbon, and Plexus'
proprietary wellhead and HG(R) seal designs have a unique role to
play in terms of their capability of delivering leak-proof
performance and solutions for the smaller molecules and higher
pressure and temperatures associated with gas exploration and
production drilling. Emphasising the gas opportunity, the CEO of
Baker Hughes in an interview with the Financial Times earlier this
month declared that that there is a long lifeline for natural gas
and LNG and went one step further when he said that: "If you look
at affordability, security and sustainability, natural gas and LNG
is not just a transition fuel but a destination fuel".
BP believes that investment in O&G production will be needed
for the next 30 years to avoid energy shortages and fluctuating
prices, while the International Energy Agency ('IEA') suggests that
although oil, gas and coal are on course to hit a peak in the next
few years, having held a circa 80% share of the global energy mix
for decades, they will continue to be just above 60% of the mix by
2050. The IEA's Oil 2023 report forecasts demand to grow to 105.7mn
barrels per day in 2028 - a new global high, and 6% more than 2022
levels. Sentiment in the sector is therefore becoming more positive
with Wood Mackenzie predicting that offshore exploration and
drilling activity will grow 20% by 2025.
At the same time as O&G demand remains strong, there are
clear signs of intensifying pressure to decarbonise, and the
O&G industry is inevitably coming under increased scrutiny to
drastically reduce its future carbon emissions. Consequently, it is
now readily understood that whilst O&G production and
consumption continues, it needs to be as green as possible in terms
of reduced emissions (which are often unintentional leaks),
especially regarding methane which is so much more harmful to the
environment than CO2.
The US is leading this charge: Administrator Michael Regan at
the Environmental Protection Agency ('EPA') recently said that no
O&G infrastructure was "getting out of jail free" under pending
methane rules. Meanwhile, California is looking to pass legislation
that will require companies to report carbon emissions from supply
chains or risk being excluded from the market; this mandate is the
first of its kind in the US, but other states and countries are
likely to follow suit. Such legislation according to reports seek
to use consumer protection, racketeering, product liability and
other laws to seek damages to pay for climate related costs. The
product liability category is particularly relevant for Plexus as
we believe that our leak-proof wellhead equipment seals can perform
in a way that conventional equipment and seals cannot for
scientifically verifiable reasons, thereby protecting both the
environment and the operator.
Plexus has always argued and continues to argue that leak
prevention is so much more effective than after the event
questionable leak 'cures', and I must believe that at some stage
where an E&P company is faced with the choice between
specifying a conventional wellhead design with leak history, versus
a proven design with no leak history that our time will come. A
further incentive for such developments apart from O&G
companies simply being motivated to do the 'right thing' by
selecting equipment that can help deliver emission reduction, are
powerful pending financial incentives such as President Joe Biden's
Inflation Reduction Act which will introduce a charge of $900 USD
per tonne of methane emitted in 2024, rising to $1,500 USD per
tonne in 2026.
Bearing in mind that our proven long term leak-proof metal
sealing technology for gas service wellheads has been around for
many years, it begs the question as to why preventing leaks from
wellhead annular seals has not been made a priority, and why the
focus continues to be on monitoring and cure rather than
prevention?
Our explanation is simple, and twofold:
1. Historically, I believe that the O&G industry has been
conditioned to 'accept' that all wellhead systems have a point at
which internal annular seals fail and that the need to re-energise
seals is considered an unavoidable aspect of regular field
maintenance requirements rather than being seen as a design
flaw.
2. In the early days, the focus on hydrocarbon exploration and
production was on oil and as such, the equipment was designed for
oil, which has larger molecules and is easier to contain than gas.
Therefore, because conventional gas wellhead equipment evolved
rather than was designed with a leak- proof purpose in mind, the
compromises that have always existed I believe have now become
maintenance items, and therefore continue today.
Consequently, although over the years we have worked on some
very exciting, extreme wellhead pressure and temperature contracts
and specialised projects, our technology has not yet broken into
the volume mainstream.
However, with the support of various forward-thinking
international conglomerates, which recognise the value and unique
capabilities of our technology, including SLB (previously
Schlumberger), and with market sentiment moving in our favour as
companies look for new ideas and opportunities to cut carbon
emissions, I believe that Plexus will benefit accordingly.
Positively, Plexus' traditional home market, the North Sea, is
beginning to see a revival after a severe downturn around 2015
which massively impacted the wider industry and Plexus, as we had
been dependant on exploration drilling activity. While the UK
Continental Shelf ('UKCS') is perhaps inevitably facing a "natural
long-term decline" as suggested by Offshore Energies UK director
Mike Tholen, awareness is growing that if it isn't replenished with
exploration activity, the UK will have no choice but to increase
its reliance on imports, which in turn is a threat to the UK's
energy security. This will further exacerbate the emissions issue
given O&G production closer to home is a far greener option
than shipping products such as liquified natural gas ('LNG') from
across the Atlantic.
Accordingly, in July 2023, the UK Government committed to
granting 100 plus new licences to extract O&G from the North
Sea and bolster its energy security. In September 2023, Britain's
largest undeveloped oil field, Rosebank, was approved for drilling
by the government regulator with production scheduled to begin by
2027, which is a strong indication of the change in sentiment.
Furthermore, in October 2023 it was announced that a further
twenty-seven licences for O&G production have been granted, and
Energy Secretary Claire Coutinho could not have put it better when
she said, "As recognised by the independent Climate Change
Committee, we'll continue to need O&G over the coming decades
as we deliver net zero. It's therefore common sense to reduce our
reliance on foreign imports and use our own supply - it's better
for our economy, the environment and our energy security". Having
re-entered the Jack-up exploration rental wellhead market with SLB
equipment and sales support, we are well positioned to support such
opportunities, in addition to the sale of production wellheads,
P&A and special projects where unique POS-GRIP solutions can be
developed.
We have also been looking at options to apply our patented
method of friction-grip engineering to other decarbonising emerging
industries such as carbon capture and storage ('CCS'), hydrogen,
geothermal and offshore wind engineering challenges. In line with
this, our R&D team based in Aberdeen continue to design and
develop new products that support the needs of existing and
potential customers.
Another key target market is global offshore decommissioning.
Valued at US$5.25 billion in 2021, this sector is forecast to grow
at a CAGR of 7.6% to $10.07 billion in 2030 (source: Polaris Market
Research). With around 2,100 North Sea wells expected to be
decommissioned over the next decade - around 200 per year - at an
average cost of GBP7.8m per well, it is hardly surprising that a
third of the spend is in Europe. Once again, the market is being
driven by the rising focus on initiatives to lower climate-warming
emissions.
With this background, we were delighted to have won a purchase
order for P&A equipment and services from Oceaneering
International Services Limited at the end of the last financial
year (June 2022). This successful project, which generated revenue
of circa GBP850,000 for Plexus during the 2023 calendar year, was
approximately 70% higher than original estimates. We envisage that
this successful project will lead to other similar work in the
North Sea and internationally both with Oceaneering and other
customers Indeed post period end we announced two P&A related
projects in the North Sea involving the rental of our Exact
adjustable wellhead system, the most recent being for Neptune
Energy UK announced in November 2023.
In summary, our Company's future success remains our key focus.
At the same time, we can help to address society's demands for
O&G operators to be responsible players through the supply of
our unique technology which can contribute to achieving emission
reduction targets, As a major shareholder in Plexus my interests
are clearly aligned with all our shareholders, and my confidence in
the future was evidenced during the year by my provision of a
GBP1.5m convertible loan, and a GBP700,000 loan. Although there is
still some debate about the extent of the impact humanity has on
global warming, the current 1.5-degree centigrade cap will be
bolstered by better technology, and in this respect, I have no
doubt that Plexus' proprietary POS-GRIP IP and its wellhead
equipment designs will achieve the recognition they deserve, and I
look forward to reporting further progress over the coming
months.
For further information please visit www.plexusplc.com or
contact:
Plexus Holdings PLC Tel: 020 7795 6890
Ben van Bilderbeek, CEO
Graham Stevens, CFO
Cavendish Capital Markets Limited Tel: 0131 220 6939
Derrick Lee
Adam Rae
St Brides Partners Ltd plexus@stbridespartners.co.uk
Isabel de Salis
Paul Dulieu
Summary of Results for the year ended 30 June 2023
2023 2022
GBP'000 GBP'000
Revenue 1,487 2,306
Adjusted EBITDA (2,451) (2,780)
Operating Loss (4,261) (4,291)
Loss before taxation (4,228) (5,556)
Loss after taxation (4,015) (7,457)
Basic loss per share (pence) (4.00p) (7.42p)
Chairman's Statement
Overview
Plexus is a technology and engineering driven business centred
on the rental and sale of wellhead equipment for exploration and
production O&G drilling and P&A markets. Historically, the
industry has developed over many decades what Plexus terms
conventional wellhead design and sealing solutions, and in many
parts of the world the lowest technical requirement available at
the cheapest price prevails when it comes to equipment selection
and tender outcomes. Conversely, Plexus has always pushed for ways
to significantly enhance the safety and performance of products
offered and which we maintain result in a significantly improved
value proposition for the end user, especially when considered over
the life of a well where expensive remedial work and shut ins
leading to lost production are concerned.
With strong and in many cases regulatory demands being made on
the industry to reduce or avoid completely methane emissions, the
main component of natural gas, leak-proof wellhead performance
should be increasingly demanded, and we believe that this lies
behind the recognition we have received from licensees for our
technology. Plexus' proprietary products are invariably protected
by patented IP, such as POS-GRIP technology applications and "HG"
metal-to-metal seals. The Company has demonstrated over many years
that its products and technology perform over a wide range of
products and applications whilst at the same time delivering green
ESG and net zero compliant features in relation to being "through
the BOP" and most importantly offering leak-proof sealing
throughout the life of a well.
As well as supporting licensees where the goal is to deploy the
Plexus technology on a worldwide basis in markets that Plexus is
best placed to reach through its licencee partners, the Company
continues to pursue surface and subsea wellhead opportunities
organically. In addition to this, Plexus is now gaining traction in
the pursuit of rental opportunities in the Jack-up exploration
wellhead business following a licensing deal with SLB, which
enables Plexus to offer both Exact exploration wellhead and Centric
mudline suspension systems.
Business progress
The Group's revenues decreased in the 12 months to 30 June 2023
to GBP1.49m (2022: GBP2.31m), with a reduced loss before tax of
GBP4.23m compared to loss of GBP5.56m in the prior year.
Importantly, GBP3.64m of revenues are included in deferred income
and will be recognised in the 2023/24 financial year.
The global outlook for growth in O&G activities is now
stronger than it has been for many years resulting in a pickup in
activity across our core markets - exploration drilling,
development wells and the P&A market. In the North Sea, where
the reduction in activity was particularly pronounced over the past
few years, the higher O&G prices, and the growing support for
O&G development over the longer term as part of a more
realistic net zero transition timetable, have resulted in a number
of orders and increased tender opportunities.
The most significant contract win was the special project
announced in March 2023 to supply POS-GRIP "HG" wellhead system and
sealing technology for a specialised subsea application. The value
of this contract was increased post year end from c.GBP5m to
c.GBP8m in August 2023, which indicates the importance of the
project and the capabilities of our uniquely enabling technology.
Such projects are not routine business, and given the success in
delivering this equipment, management believe this will further
enhance the reputation and reach of the Company and should help
with securing more standard and routine work amongst the other
operators involved.
A major order from Oceaneering for P&A work was completed
during the year, with Plexus' products delivering uniquely enabling
methods of safely abandoning old wells. The project was
successfully completed with both the equipment and the Plexus
project team performing well, and the contract delivering
significantly more revenue than originally anticipated with a final
value of c.GBP850,000. The Plexus products used in this project,
together with Plexus' other equipment suitable for P&A work
whether from floating vessels or Jack-up rigs, will hopefully see
an increase in similar project work arising.
The August 2021 Exact Adjustable Wellhead licence agreement with
SLB enabled Plexus to re-enter the Jack-up exploration rental
wellhead market with the proven Exact and Centric wellhead and
mudline suspension products. Since then, much work has gone on
improving the product range and investing capital in building an
initial rental wellhead inventory. This agreement has now started
to generate sales opportunities with two contracts announced in
October and November 2023, which use Exact wellhead equipment and
associated tools. The rental package is highly versatile and can be
deployed in several applications from Jack-up rigs, including
P&A work, exploration and appraisal wells, and pre-drilling of
production wells, and we are excited about creating this
opportunity to capitalise on the strong reputation that we had
built up in the rental exploration wellhead equipment sector prior
to selling the previous division to TFMC in 2018.
With Plexus established reputation in Jack-up exploration
drilling and mudline suspension systems, alongside having knowledge
of a number of the legacy wells in the North Sea and worldwide,
there is plenty of scope for gaining contracts in this growing
space over the coming years as they are now being considered for
re-entry and permanent decommissioning.
The Company's 49% investment in its associate company Kincardine
Manufacturing Services Limited ("KMS") was deemed to be non-core
during the year. As a result, a GBP0.7m loan arrangement was
entered into with Ben van Bilderbeek related entities as announced
in September 2023, which at the same time granted two option
arrangements whereby the loan can be converted into 70% of Plexus'
49% shareholding in KMS, with a second option for the balance of
30% of the 49% shareholding for an additional GBP0.3m. Assuming the
two options are exercised then it is believed that the GBP1m of
additional funds are better deployed within Plexus and to support
current growth plans. Although KMS experienced an upturn in
business following the end of the Covid-19 pandemic, dividends have
continued not to be declared which further supported the decision
to potentially monetise the Plexus KMS shareholding. In the period,
Plexus' share of KMS' profits led to a credit of GBP0.18m to the
statement of comprehensive income. As required under IAS36 an
impairment review was undertaken, which concluded that no
impairment charge was required. At the reporting date the
investment in KMS has been reallocated under IFRS 5 to current
asset and has been presented as asset held for sale.
Plexus' family of proprietary intellectual property ("IP")
continues to underpin the value and potential of the business as
evidenced by the ongoing development of products and associated
equipment which have enabled the c. GBP8m special project announced
during the year, together with innovative P&A solutions
contract wins. The IP suite consists of a mix of patents,
confidential test results and analysis methods, as well as field
experience and importantly in-depth product know-how which cannot
be easily replicated. A key over riding feature of our Plexus HG
seal designs is their ability to provide leak-proof performance
solutions, and this capability was recognised by the LSE in 2021
with the accreditation of the Green Economy Mark. Although product
patents do expire over time, ongoing R&D and proprietary
technical innovations continue to protect Plexus and licenced
products. In addition, new Method Patents for POS-GRIP are ongoing,
and are anticipated to give Plexus and its licensees further
protection of the POS-GRIP method for another 20 years in the UK
and worldwide.
Staff
On behalf of the Board, I would once again like to thank all our
employees for their dedication and hard work during the year.
Although it was another challenging period as evidenced by the
financial results, I am confident that the anticipated increase in
exploration and production drilling activity which we are already
beginning to see the benefits of in the current year will be
positive for our staff, and for future employment opportunities
within Plexus.
Outlook
As governments worldwide look to deliver clean transitions away
from hydrocarbons, there has been a tightening of climate policies
clamping down on O&G practices which is forcing the industry
into change. While there has undoubtedly been a level of
'greenwashing,' ultimately the industry is now moving in the right
direction, with new sustainable methods and equipment being
encouraged, developed, and employed to address regulatory demands
for emissions reductions, particularly in relation to methane.
In conjunction with these important developments, there is a
growing realisation that demand for O&G will, as Mike Sommers,
the President, and CEO of the American Petroleum Institute,
recently wrote in a letter to the Financial Times "... remain
massive for decades to come". Furthermore, Mr. Sommers wrote that
the "... proper focus should therefore be on smart policies that
focus on innovations to produce that energy cleaner, safer and more
efficiently." We see POS-GRIP as falling clearly into the
innovation category.
We see such developments, including the drive to reduce
emissions throughout the supply chain, as opening a new chapter in
Plexus' story, particularly as I believe our technology has been
several steps ahead of the rest of the industry having delivered
leak-proof wellhead integrity solutions for over 20 years including
its HG wellhead metal annular seals.
With our experienced team of engineers and service personnel
based in Aberdeen, and a growing range of products that offer
multiple benefits and advantages to the O&G industry in terms
of improved safety, functionality, and cost and time savings,
Plexus is well positioned for growth. This includes organic growth
in the UK, specialised projects in the exploration rental and
surface production wellhead sectors, growing P&A activities,
and opportunities across the wider global market through licencing
partnerships such as the SLB licence (recently extended for a
further six years).
Specifically in the UK, it is now being recognised that the
reliance on imported gas, such as from the US and Qatar and the
resultant implications for energy security is something that
urgently needs addressing. Such considerations were brought into
sharp focus with the terrorist attack on Israel in October, and it
is no coincidence that the CEO of Baker Hughes in a recent
interview with the Financial Times said that he sees geopolitical
risks being at their highest level in half a century. However,
encouragingly for the North Sea, Andy Brooks the NSTA Director of
New Ventures recently stated that: "Oil and gas currently meets
three-quarters of the UK's energy needs and projections suggest
they will both play an important role in the energy mix for decades
to come", a premise that is supported by the UK having a
significant volume of unsanctioned, discovered resources as well as
a wealth of infrastructure. For these reasons we believe there are
clear growth prospects in the UKCS and the ECS for 'closer to home'
new wells and associated leak-proof solutions, as well as
opportunities arising in alternative energy markets and
applications, and Plexus expects to be able to benefit
accordingly.
In closing, I would like to take this opportunity to thank the
Board, management team and staff for their continued hard work and
support over the course of the year. I look forward to working with
them all in the year ahead, as we focus on delivering on our
overriding objective which remains to generate increasing value for
all our shareholders.
J Jeffrey Thrall
Non-Executive Chairman
28 November 2023
Principal Activity
The Group markets oil and gas industry wellhead and associated
equipment that utilises its patented friction grip method of
engineering known as POS-GRIP Technology. This involves squeezing
one tubular member against another within the elastic range to
effect gripping between the components and can also set
metal-to-metal seals, known as "HG" (R) Seal Technology. This
superior method of load support and sealing for wellheads offers
several important and unique advantages to operators, particularly
for HP/HT surface and subsea production applications, P&A and
special applications, and can include improved technical leak-proof
performance, improved integrity of metal-to-metal seals,
significant installation time savings, reduced operating and
maintenance costs and enhanced safety.
The Company has developed a range of products based on this
technology, and is focused on pursuing surface production, P&A,
subsea and geothermal wellhead opportunities, as well as connectors
and the subsea market. Plexus has also re-entered the rental
exploration wellhead from Jack-up rigs market through a licence
arrangement with SLB for Exact adjustable wellhead systems and
Centric Mudline tooling and this is the main focus for Plexus over
the coming years and where Plexus' past reputation and success in
this market can be leveraged.
In addition to Plexus' organic activities, the Company pursues
licencing opportunities and is supporting SLB, with a POS-GRIP "HG"
wellhead licence, a non-exclusive licence for the development of
conventional and unconventional oil and gas surface production
wellheads. SLB is carrying out a testing programme, which is near
completion, based around its own wellhead designs incorporating the
POS-GRIP method; after some delays, SLB is expected to
commercialise new products developed with the technology in the
coming months.
Financial Results
Statement of Comprehensive Income
Revenue
Revenue for the year was GBP1,487k, a decrease from GBP2,306k in
the previous year. Importantly, deferred income includes GBP3,637k
of revenues that will be recognised in the following financial
year.
Margin
Gross margin increased to 73.1% (compared to 64.7% in the
previous year). The increase in margin is largely driven by higher
margins achieved on rental incomes which make up a higher
proportion of sales income in the current year compared to the
prior year.
Overhead expenses
Administrative expenses have decreased compared to the prior
year with expenditure of GBP5,348k (2022: GBP5,784k).
Continuing salary and benefit costs remain the largest component
of administrative expenses at GBP2,930k compared to GBP2,863k in
the prior year.
Non-recurring item
The statement of comprehensive income includes a fair value
adjustment on an asset, which was held for sale, of GBP50k,
relating to the write-down in a building's value to its fair value
prior to its sale in February 2023.
Loss Before Tax
Loss before tax of GBP4,228k compared to a loss in the prior
year of GBP5,556k.
Adjusted EBITDA
The Directors use, amongst other things, Adjusted EBITDA on
continuing operations as a non-GAAP measure to assess the Group's
financial performance. The Directors consider Adjusted EBITDA on
continuing operations, which approximates the operational cash
generated by, or used in the business, to be the most appropriate
measure of the underlying financial performance of the Group in the
period.
Adjusted EBITDA on continuing operations for the year was a loss
of GBP2,451k, compared to a loss of GBP2,780k in the previous year.
Adjusted EBITDA on continuing operations is calculated as
follows:
2023 2022
GBP'000 GBP'000
Operating loss (4,261) (4,291)
Add back:
-Depreciation 307 449
-Amortisation 1,253 1,230
Share in profit of associate 182 111
Fair value adjustment on financial
assets (1) (513)
Impairment charge on associate undertaking - 109
Other income 69 125
----- -----
Adjusted EBITDA on continuing operations (2,451) (2,780)
------- -------
Tax
The Group shows a total income tax credit of GBP213k for the
year compared to a tax credit of GBP1,901k for the prior year.
Investments
In December 2018, Plexus acquired a 49% shareholding in
Kincardine Manufacturing Services Limited ("KMS"), for a
consideration of GBP735k plus associated legal fees of GBP50k. At
the year-end, a share in profit of associate of GBP182k (2022:
profit GBP111k) has been recognised. No dividends were declared or
received. Following an impairment review no impairment charge was
recognised in the year (2022: GBP109k). The investment in KMS meets
the criteria outlined in IFRS 5 and has been reallocated as an
asset held for sale.
EPS
The Group reports basic loss per share of 4.00p compared to a
loss per share of 7.42p in the prior year.
Statement of Financial Position
Intangible Assets and Intellectual Property ("IP")
The net book value of intangible assets was GBP8,731k, a
decrease of 5% from GBP9,165k last year. This movement represents
investment of GBP516k less the annual amortisation charge of
GBP950k.
Plexus owns an extensive range of IP which includes many
registered patents and trademarks across a number of jurisdictions,
and actively works to develop and protect new methods and
applications. In addition to registered IP, Plexus has developed
over many years a vast body of specialist know-how in relation to
the POS-GRIP friction grip method of engineering and related
activities. Plexus is also currently pursuing the registration of
Method Patents, which would further extend the scope of current
patent protections.
The loss in the year and the market capitalisation of the
Company being less than the carrying value of the assets are
indicators of impairment. Following a thorough review, including a
discounted cashflow model which has included cashflows for 20
years, the Directors have concluded no impairment of IP is
required. Therefore, the Directors consider the current carrying
values to be appropriate.
Research and Development ("R&D")
R&D expenditure including patents increased from GBP447k in
2022 to GBP516k in 2023. Continued investment in R&D
demonstrates the Group is protecting, developing, and broadening
the range of proprietary POS-GRIP friction-grip method of
engineering applications, related IP, and Plexus products.
Tangible Assets
The net book value of property, plant and equipment including
items at the year-end was GBP1,404k compared to GBP821k last year.
Capital expenditure on tangible assets increased to GBP890k
compared to GBP253k in the prior year.
Cash and Cash Equivalents
Net cash at the year-end was GBP1,449k (cash and cash
equivalents of GBP1,449k with no bank borrowings) compared to net
cash of GBP1,882k (cash and cash equivalents of GBP5,840k less the
bank Lombard facility of GBP3,958k) in the prior year, reflecting a
net cash outflow for the year of GBP433k.
The decrease in bank borrowing represents full repayment of the
bank Lombard facility which had a balance of GBP3.96m at 30 June
2022.
It should also be noted that the Group has financial asset
investments with a value of GBPnil (2022: GBP0.10m) at the
reporting date.
The expected future cash inflows and the cash balances held are
anticipated to be adequate to meet current on-going working
capital, capital expenditure, R&D, and project related
commitments.
Dividends
The Company has not paid any dividends in the year and does not
propose to pay a final dividend at this time. Whilst the Company
remains committed to distributing dividends to its shareholders
when appropriate, the Directors believe that it is prudent to
suspend the payment of dividends in light of the ongoing capital
and operational requirements of the business.
Operations
Progress has continued during the year with the Company's
strategy to build a portfolio of revenue streams based on its
POS-GRIP technology and associated products and services.
The Company's primary focus continues to be the marketing of its
POS-GRIP-enabled products and supporting licensees of the
technology, as well as the re-entry to the rental exploration
market with its non-POS-GRIP equipment designs. Plexus continues to
supply surface production wellheads and is also pursuing
supplemental business opportunities relating to well abandonment
and decommissioning, which are anticipated to be growth areas as
the world's older producing oil and gas fields, such as in the
North Sea, come to the end of their lives.
Plexus continued to invest in R&D during the year, with
significant focus on optimising the Exact rental exploration
wellhead product range for the current market, and also to complete
product development and testing required for the Oceaneering
decommissioning work and the forthcoming specialised project.
R&D remains an important operational activity and further
develops the value of our IP and ability to extend the range of
applications of POS-GRIP technology. Innovation in the oil and gas
industry continues to be an essential part of developing both cost
saving initiatives and ever safer drilling methods, particularly in
relation to greener leak-proof technologies and equipment, and the
Board is confident that Plexus can continue to play an important
role in delivering such solutions whilst raising wellhead standards
to a level that conventional technology cannot reach, such as
passing test standards equivalent to those used for premium
couplings.
Staff at the end of June 2023 (excluding non-executive
directors) comprised of 36 employees, including 1 international
employee, with a weighted average total of 36 in the current year
and 35 in the prior year.
Staff development remains a significant focus with the
completion of a comprehensive evaluation and revision of the
in-house training modules to ensure they continue to provide the
necessary underpinning knowledge and skills which is required of
those fulfilling technical roles.
The Company continues to maintain the OPITO accreditation for
its competency management system, with continual developments and
improvements to the process, ensuring a robust assessment of
employees in safety--critical roles.
Health and Safety continues to be a pivotal part of the business
and remains at the centre of everything we do. Plexus remains fully
committed to continually improving safety standards and the safety
culture across the business. This is reflected in the business
being once again lost time injury ("LTI") free this year. Plexus
has now passed its eighth anniversary of this milestone in
September 2023.
Plexus continues to comply with the requirements of the API
Q1/ISO 9001 and ISO 45001 standards to include the retention of
both API 6A and 17D Licences. These accreditations demonstrate
Plexus' capability and determination to operate under the highest
standards. Post period end API conducted an audit with 1 minor
finding, resulting in Plexus retaining their accreditation.
The IT Department provides technology leadership for Plexus,
including governance, information security, software development
and expertise in deploying modern information technologies to
improve company efficiency. Plexus has continued to develop its
in-house systems to ensure the Group is able to react swiftly to
changing market requirements, and constantly review the Company's
IT infrastructure. No significant IT infrastructure projects were
undertaken in the year.
Strategy and Future Developments
Technology
Plexus' proprietary POS-GRIP technology involves applying
compressive force to the outside of a wellhead or pipe, to flex it
inwards. As the bore of the vessel moves inwards, it makes contact
with an inner pipe (or hanger) on the inside. Sufficient contact
force is generated to hold the inner member in place through
friction between the two components, whilst at the same time
creating a superior metal-to-metal seal. There are numerous
advantages associated with being able to connect two tubular
members without the need for threads or rotation. The Company's
strategy is primarily focused on delivering the highest standard of
wellhead and associated Plexus products design for the upstream oil
and gas markets around the world. These have already proved to be
uniquely advantageous in terms of safety features, operational
efficiency, and cost savings, especially for HP/HT applications.
The Company is now focused on replicating this past success in the
exploration drilling from Jack-up rigs sector, as well as other
wellhead and related markets including surface production, subsea,
plug & abandonment, gas storage and geothermal, together with
other initiatives such as a POS-GRIP Crown Plugs and POS-GRIP
Lateral Trees. Plexus' re-entry into the exploration rental
wellhead for the Jack-up drilling market will be built on
non-POS-GRIP technology but with specific benefits and features
including "through the BOP" safety features.
POS-GRIP wellhead designs deliver many advantages over
conventional "slip and seal" and "mandrel hanger" wellhead
technologies for surface exploration and land and platform
production applications. These include larger metal-to-metal "HG"
seal contact areas, virtual elimination of movement between parts,
fewer components, simplified design and assembly, enhanced
corrosion resistance, simpler manufacture, long term integrity,
annulus management, and reduced installation and maintenance costs.
Plexus' HG seals offer leak preventative capabilities for the life
of the well which is a key consideration when addressing Net Zero
and ESG responsibilities, especially where methane emissions are
concerned.
Plexus' POS-GRIP enabled product suite also includes the
innovative Python (R) Subsea Wellhead as well as the POS-SET
Connector (R) for use in the growing decommissioning market. We
believe the Python subsea wellhead has tremendous potential as it
can eliminate the need for wear bushings, pack-offs, lock-rings,
and lockdown sleeves, whilst delivering instant rigid lock-down in
all directions, and is fully reversible for ease of workover,
side-tracking, or abandonment. These design simplifications and
features not only reduce the risk of installation problems and
safety issues, they also significantly reduce installation time and
the number of trips that are needed such that it has been
independently estimated that over ten days of time savings per well
can be achieved in deep-water under certain conditions which,
depending on water depth, Plexus estimates could result in a saving
of over $10m for the operator. The POS-SET Connector, which is
designed to re-connect to bare conductor pipe for well re-entry or
permanent abandonment operations, creates a solid connection with
reliable sealing directly against the pipe, and retains bend and
load capabilities at 80% of pipe strength. The Directors believe
that such features mean that Plexus' wellhead equipment sets and
delivers a superior standard. Apart from the operational time
savings and related safety benefits, at an engineering level the
Company has demonstrated that its technology can raise and even
exceed the integrity of wellhead testing and sealing to that of
premium couplings, which supports its claim that wellheads no
longer need to be the weak link in the well architecture chain.
POS-GRIP friction-grip technology has wide ranging applications
both within and outside the oil and gas industry. As POS-GRIP is a
method of engineering as opposed to a product in its own right,
there is an opportunity for the technology to improve the
performance of conventional products. The Company will look to
integrate POS-GRIP so that the range of benefits, together with
"HG" metal-to-metal sealing can be realised organically or in
conjunction with partners, including licensees. In line with this
strategy, in November 2020 Plexus entered into a licence agreement
with Cameron International Limited, which grants the Schlumberger
('SLB') group company a non-exclusive licence to use the POS-GRIP
and HG(R) metal-to-metal seal method of wellhead engineering for
the development of conventional and unconventional oil and gas
surface production wellheads. The scope of this licence was further
expanded in December 2021, and subsequently in May 2023 was
extended for a further period of six years. SLB continues to make
good progress with the engineering and testing programme of their
new wellhead design which will incorporate Plexus technology. The
programme has taken longer than originally anticipated, and
therefore marketing and sales activity by SLB to its customers
should begin in the first half of 2024 calendar year.
In addition to POS-GRIP Technology, Plexus is now re-entering
the Jack-up exploration rental wellhead market with SLB's Exact and
Centric wellhead and mudline suspension products. These products
are tried and tested, and well suited to the exploration market as
they are "through the BOP" products which deliver crucial time
savings and safety benefits over conventional wellhead products. As
the exploration market rebounds in the North Sea, especially
following the recent issue of new licence, as well as
internationally, these products, combined with Plexus' experience
and reputation in this sector means that we are well placed to win
a significant share of the work now beginning to be planned, and
where the Company is seeing a number of contract opportunities
arise.
Business Model and Markets
The Company is proprietary technology driven and its extensive
patent protected IP and many years' worth of specialist know-how
has been successfully deployed in hundreds of wells around the
world. Its superior performance, safety and operational advantages
led to the Company becoming established initially as a leading
equipment and services provider to the niche Jack-up exploration
rental wellhead market. The Directors believe that this success can
over time be replicated and extended to the wider and much larger
energy sectors including surface production, subsea, geothermal,
and fracking applications based on its POS-GRIP technology. In
addition to this there is a surge in interest in subsurface storage
wells for gas, CO2, and hydrogen, for which POS-GRIP technology is
also ideally placed to address the need for leak-proof equipment
designs.
Plexus has a good reputation for offering the agility and
customer focus required to succeed in the Jack-up exploration
rental wellhead market, and so the licence agreement with SLB to
allow Plexus to re-enter this market with field proven products is
welcome and is anticipated to see an addition to revenues as global
exploration activity increases. Importantly SLB are also referring
potential order enquiries to Plexus which is a further route to
market.
An emerging market sector where Plexus' technology is beginning
to gain traction is 'special solutions' where the Company's
innovative IP and product designs and applications can prove
uniquely beneficial. A key special project contract of this nature
was announced in March 2023 with a value of c. GBP5m and was
subsequently increased by a further c. GBP3m in August 2023, and
may increase further.
Strategy
Plexus' long-term goal is to establish POS-GRIP technology as a
new industry standard for wellhead and metal sealing designs,
whilst continuing to develop new Plexus products, which can also
offer multiple benefits and advantages to the industry in terms of
improved safety, functionality, and cost and time savings. An
example of such extensions for POS-GRIP technology is the Company's
connector technology, which is ideal for high integrity, low
fatigue applications. The Directors believe wellhead connectors,
riser connectors, subsea jumper connectors, pipeline connectors,
tether tensioners and even vessel mooring connectors can all
benefit from the simplicity of the POS-GRIP method of
engineering.
The Company has taken on the SLB Exact adjustable wellhead and
Centric mudline suspension products. It has been necessary to
invest time and money into building an initial rental inventory to
create capacity to meet anticipated demand. This has resulted in
initial orders for P&A and decommissioning work associated with
this equipment. We expect that the increase in activity and revenue
from this business will be positive and will also allow Plexus to
re-engage with customers at the exploration stage, which then has
the potential to lead to follow on production and subsea
opportunities.
As the world and the oil and gas industry strives to implement a
range of ESG compliant initiatives, particularly in relation to
achieving net zero, Plexus believes that its technology can make a
valuable contribution in terms of its leak-proof sealing
capabilities, and its 'through the BOP' wellhead designs.
Key Performance Indicators
The Directors monitor the performance of the Group by reference
to certain financial and non-financial key performance indicators.
The financial indicators include revenue, adjusted EBITDA, profit
and loss, earnings per share, cash balances, and working capital
resources and requirements. The analysis of these is included in
the financial results section of this report. Non-financial
indicators include Health and Safety statistics, R&D activity,
equipment utilisation rates, geographical diversity of revenues and
customers, the level of ongoing customer interest and support,
geo-political considerations such as emissions concerns and
awareness, effectiveness of various research and development
initiatives, for example, in relation to new patent activity and
inventions, and appropriate employee headcount numbers and turnover
rates. The non-financial key performance indicators are included
within the strategic report.
Principal Risks and Risk Management
There are a number of potential risks and uncertainties that
could have an impact on the Group's performance which include the
following.
(a) Political, legal, and environmental risks
Plexus aims to participate in a global market where the
exploration and production of oil and gas reserves, and even the
access to those reserves can be adversely impacted by changes in
political, operational, and environmental circumstances. This has
for example been evidenced by the impact of the war in Ukraine,
ongoing Russian sanctions, and the recent terrorist activity
against Israel. The current global political and environmental
landscape, particularly in relation to climate change issues and
net zero goals, and the relentless plan to move away from
hydrocarbons to, for example renewables, continues to demonstrate
how any combination of such factors can generate risks and
uncertainties that can undermine commercial opportunities and
trading conditions. Some risks are of course unforeseen, and one
such significant risk took the form of the global pandemic caused
by COVID-19 which materialised in 2020 and where its social and
economic impact continues to be felt today. Although Plexus has
taken all reasonable steps to mitigate the effects of this risk,
both economic and to the health and well-being of our employees,
customers, and suppliers by complying with legislation and taking
measures to ensure business continuity, the negative impact has
clearly been felt. Such risks also extend to legal and regulatory
issues, and it is important to understand that these can change at
short notice. For example, ongoing and future changes to oil and
gas industry windfall taxes may have an adverse impact on
investment levels, as of course does a country's decision-making
process in relation to granting new exploration and production
drilling opportunities. To help address and balance such risks, the
Group where possible seeks to broaden its geographic footprint and
customer base, as well as actively looking to forge commercial
relationships with large industry players, and potential
licencees.
The Company continues to closely monitor the potential impact
and risks of the UK's exit ("Brexit") from the European Union
("EU"). This includes assessing and monitoring the potential impact
of the introduction of trade tariffs and the potential supply chain
disruption that could result from increased customs checks at
borders and related matters which are being indicated for 2024.
Plexus has an IP-led business model, which provides it with
operational flexibility and the ability to respond to and mitigate
some of the potential impacts of the different scenarios resulting
from the UK's exit from the EU. In the meantime, Plexus has amongst
other activities obtained an Economic Operator Registration and
Identification ("EORI") number to enable the Company to continue to
import and export with the EU.
(b) Oil and Gas Sector Trends
It is readily understood that the world continues to move away
from coal as part of the COP21 as well as the COP26 and COP 27
pronouncements, together with other climate change objectives in
relation to the ongoing need to urgently reduce CO2 and CH4
(methane) emissions. Importantly legislation is now beginning to be
introduced which can impose large fines on companies that do not
control their emissions, particularly methane and such developments
logically suggest that E&P operators should be more interested
than ever before in preventative leak solutions rather than
temporary 'cures.' However, the commercial and environmental
dynamics between traditional hydrocarbons in terms of coal, oil and
gas is not the only trend to consider. New technologies,
particularly in relation to renewables such as wind and solar,
alternative energies and developments such as the increasing use of
electric vehicles and corresponding improvements in battery storage
life, and wave energy, could all in the future prove very
disruptive to the traditional oil and gas industry and the
corresponding demand for exploration and production equipment and
services. However, it is also now clearly recognised that the world
will continue to need hydrocarbons as an energy and materials
source, and in particular gas for decades to come, and indeed
currently global demand for hydrocarbons is forecast to continue to
grow for the foreseeable future. It should be noted that the
adverse climate change impact of methane compared to CO2 is now
better understood by environmentalists, regulators and the oil and
gas industry and that it is essential that methane wellhead leaks
are prevented whenever and wherever possible. The impending Methane
Emissions Reduction Act in the US and similar legislation being
progressed in Europe demonstrate regulations are increasingly
becoming more stringent.
(c) Technology
Having originally proved the superior qualities of POS-GRIP
technology within the Jack-up rental wellhead exploration market
which culminated in the sale of that business to FMC Technologies
Limited, a subsidiary of TechnipFMC (Paris:FTI, NYSE:FTI) (jointly
"TFMC"), in early 2018, the Company has focused on establishing its
technology and equipment in other markets including surface
production wellheads, subsea and de-commissioning, both organically
and through licence partners. Plexus has since re-entered the
rental exploration wellhead market with non-POS-GRIP designed
equipment following a licence agreement with SLB in August 2021.
Further, in November 2020 Plexus entered into a licence agreement
with Cameron International Limited, which grants the SLB group
company a non-exclusive licence to use the POS-GRIP and HG(R)
metal-to-metal seal method of wellhead engineering for the
development of conventional and unconventional oil and gas surface
production wellheads. The scope of this licence was further
expanded in December 2021, and was subsequently extended by a
further six years in May 2023.
(d) Competitive risk
The Group operates in highly competitive markets and often
competes directly with large multi-national corporations who have
greater resources and are more established, and who are more
resilient to extended adverse trading conditions. This risk has
become more concentrated over recent years as a result of the large
oil service company competitors and the target customer base
becoming even larger and more influential through a series of
mergers and acquisitions. The major oil service and equipment
company consolidations have therefore magnified such issues as
competitors reduce in number but increase in size, influence, and
reach. Unforeseen product innovation or technical advances by
competitors could adversely affect the Group, and lead to a slower
take up of the Group's proprietary technology. To mitigate this
risk, Plexus has an active R&D programme, and maintains an
extensive suite of patents and trademarks, and actively continues
to develop and improve its IP, including adding to its existing
extensive 'know-how' to ensure that it continues to be able to
offer unique superior wellhead design solutions.
(e) Operational
Plexus, like many other oil service companies, had to make
significant reductions in its workforce numbers over the past few
years as a result of a volatile oil price and market challenges and
a corresponding reduction in drilling activity and related levels
of capex spend. These adverse trading conditions were magnified
since early 2020 by the Covid-19 pandemic, which in turn coincided
with an acceleration in the world's clearly expressed desire to
reduce its dependence on hydrocarbons, particularly following the
start of the war in Ukraine in February 2022. However, there are
now encouraging signs of a global pick up in drilling activity,
although it is possible that the industry and Plexus could
experience difficulties in rehiring past or new employees and which
could deprive Plexus of the key personnel necessary for expanding
operational activities, as well as R&D initiatives, at the rate
that may be required. To help mitigate this risk, Plexus has
developed effective recruitment and training procedures, which
combined with the appeal of working in a company with unique
technology and
engineering solutions will hopefully help to mitigate such
risks. In addition, there are signs that certain pressure groups
such as Just Stop Oil and Extinction Rebellion are increasing their
level of activity, and this may also impact on oil and gas
investment and drilling activities, at least in the West.
(f) Going Concern, liquidity, and finance requirements
In an economic and global geopolitical climate that in many ways
remains uncertain, it has become increasingly possible for
potential sources of finance to be closed to businesses for a
variety of reasons that have not historically been an issue. Some
of these may even relate to the lender itself in terms of its own
capital ratios and lending capacity where financial pressures and
constraints can apply. Also, Plexus' smaller market cap can be a
negative factor if consideration is given to raising additional
funds in the public markets. Furthermore, a number of large and
influential institutions have actively divested oil and gas
investments and declared that further investments and funding will
not be made available for oil and gas projects as a result of
climate change concerns and as part of the move to net zero.
Positively however there are signs that the capital markets are
once again opening up to oil services companies should raising
capital be necessary. The Group undertakes cashflow forecasting
throughout the year to ensure the going-concern assumption is still
appropriate. The recent raising of funds from convertible loans,
and the sale of Treasury shares is an example of this and helps to
ensure the Group has adequate working capital headroom to see it
through the next 12 months. However as disclosed in note 1b the
group is reliant on raising additional funding, an event that was
indicated at the time the convertible loan arrangements were
entered into in October 2022, and there can be no certainty
regarding the timing and quantum of future funding and therefore
this indicates a material uncertainty which may cast significant
doubt regarding the Group's ability to continue as a going
concern.
(g) Credit
The main credit risk is attributable to trade receivables. Where
the Group's customers are large international oil and gas companies
the risk of non-payment is significantly reduced, and therefore is
more likely to be related to client satisfaction and potentially in
a volatile world trade sanction issue. Where smaller independent
oil and gas companies are concerned, credit risk can be a factor.
Customer payments can potentially involve extended periods of time
especially from countries where exchange control regulations can
delay the transfer of funds outside those countries. As Plexus
begins to establish international licensee relationships there may
be instances whereby certain capital and royalty payments could be
due some way into the future and as such greater credit risk than
exists under normal payment terms could apply. The Group's exposure
to credit risk is monitored continuously, and to date its
collections record has been extremely reliable.
(h) Risk assessment
The Board has established an on-going process for identifying,
evaluating, and managing the more significant risk areas faced by
the Group. One of the Board's control documents is a detailed
"Risks assessment & management document," which categorises
risks in terms of - business (including IT), compliance, finance,
cash, debtors, fixed assets, other debtors/prepayments, creditors,
legal, and personnel. These risks are assessed and updated as and
when appropriate and can be associated with a variety of internal
and external sources including regulatory requirements, disruption
to information systems including cyber-crime, control breakdowns
and social, ethical, environmental and health and safety
issues.
(i) COVID-19
Although the regulations around COVID-19 were relaxed in 2022,
Plexus continues to place the health and safety of its employees as
its highest priority and in line with this has implemented various
protocols. The Board continuously monitors the situation, should
Government guidance change.
Section 172 Statement
This section serves as the section 172 statement and should be
read in conjunction with the full Strategic Report and the
Corporate Governance Report. Section 172 of the Companies Act 2006
requires directors to take into consideration the interests of
stakeholders in their decision making. The Directors continue to
have regard to the interests of the Company's employees and other
stakeholders, including shareholders, customers and suppliers,
Licence Partners and the community and environment, through
positive engagement and when making decisions. Acting in good faith
and fairly between members, the Directors consider what is most
likely to promote the success of the Company for its members in the
long term and to protect the reputation of the Company.
Shareholders
Plexus seeks to develop an investor base of long-term
shareholders that are aligned to our strategy, whether
institutional or private retail investors. By communicating our
strategy and objectives, we seek to maintain continued support from
our investor base. Such opportunities have been made more
challenging by the financial performance of Plexus over the past
few years, and the resultant decline in the size of the market cap
of the business. However, now that positive news flow is beginning
to be generated the Directors believe that a fresh approach can be
made to the investment community both to existing and new potential
shareholders in conjunction with its advisors. Important issues
include financial stability and the strength of the balance sheet
and protecting and strengthening the value of our intellectual
property. Engagement with shareholders is a key element to this
objective and methods of engagement are detailed in the Corporate
Governance Report, although over the past years, as a result of the
Covid pandemic's impact on working practices, such interactions in
common with many other businesses have lessened. Encouragingly
there are signs that "normal" interaction levels will begin to
reassert themselves. During the year, the Finance Director
supported by other members of the executive team, the Company's
broker, and the Investor Relations advisor, engaged where possible
with investors by email, presentations, direct conversations, and
ad-hoc meetings. The Company also continues to update its website
to provide investors and other stakeholders with access to
information about the Company. The website includes details of the
LSE "Green Economy Mark" status, which was awarded in July 2021,
and associated NetZero commentary. During the year, several key
decisions were made by the Board, including the raising of funds
through the issue of GBP1.55m of Convertible Loan Notes; the sale
of a leasehold interest along with associated leasehold liabilities
for GBP1m cash and post year the entering into loan agreements with
a total of GBP700k. All of these fund-raising related decisions are
aimed at increasing shareholder value.
Employees
The Group's UK staff are engaged by the Company's subsidiary
Plexus Ocean Systems Limited based in Aberdeen, Scotland. Being a
relatively small company with just over 30 employees largely
operating in one location, there is a high level of visibility
regarding employee engagement and satisfaction. The Company is
engaged with a specialist firm of benefits advisers who can offer a
comprehensive service to employees as well as to the Company. The
Company consults with employees on matters of competency, training,
and health and safety as detailed in the Corporate Governance
Report. During the year, the Company successfully achieved eight
continuous years with no Lost Time Incidents (LTI's) and this
successful safety culture has continued beyond that anniversary to
the date of writing.
Customers and Suppliers
The Company is committed to acting ethically and with integrity
in all business dealings and relationships. Fostering good business
relationships with key stakeholders including customers and
suppliers is important to the Company's success. The Board seeks to
implement and enforce effective systems and controls to ensure its
supply chain is maintaining the highest standard of business
conduct in line with best practice including in relation to
anti-bribery and modern slavery.
Licence Partners
The Company engages with Licence Partners in a way that follows
the same principles as those applied to relationships with other
customers and suppliers. Additionally, the Company engages with its
Licence Partners to support their efforts to achieve commercial
success by holding as and when required technical workshops,
technical training, and data transfer. Following the announcement
in November 2020 of entering into a non-exclusive surface wellhead
licencing agreement with Cameron (SLB) and the extension of this
agreement in December 2021, regular Teams meetings and occasional
face to face meetings have been held as part of the process of
transferring Plexus' relevant IP so that Cameron can design and
develop its own low-cost wellhead with POS-GRIP technology inside.
In May 2023 SLB exercised its option to extend its non-exclusive
licence agreement with Plexus for an additional six years effective
from November 2023.
Community and Environment
The Company has minimal environmental impact in the localities
in which it operates. This clearly helps the Company meet its
corporate objectives in this regard but is never taken for granted.
In the year under review, the Company met its target for waste
management and in general continues to operate in a manner that is
open, honest, and socially responsible.
G Stevens
Director
28 November 2023
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2023
Notes 2023 2022
GBP'000 GBP'000
Revenue 1 1,487 2,306
Cost of sales (400) (813)
------- -------
Gross profit 1,087 1,493
Administrative expenses (5,348) (5,784)
------- -------
Operating loss (4,261) (4,291)
Finance income 7 164
Finance costs (175) (640)
Share in profit of associate 182 111
Other income 69 125
Non-recurring item
Fair-value adjustment on asset held
for sale (50) (1,025)
------- -------
Loss before taxation (4,228) (5,556)
Income tax credit / (charge) 3 213 (1,901)
------- -------
Loss for year (4,015) (7,457)
Other comprehensive income - -
------- -------
Total comprehensive
Loss for the year attributable to the
owners of the parent (4,015) (7,457)
------- -------
Loss per share 5
Basic (4.00p) (7.42p)
Diluted (4.00p) (7.42p)
Consolidated Statement of Financial Position
at 30 June 2023
Notes 2023 2022
GBP'000 GBP'000
Assets
Goodwill 767 767
Intangible assets 6 8,731 9,165
Property, plant and equipment 7 1,404 821
Financial assets 10 - 101
Investment in associate 9 - 723
Right of use asset 638 941
------- -------
Total non-current assets 11,540 12,518
------- -------
Asset held for sale 8 905 1,100
Corporation tax 153 -
Inventories 2,265 1,394
Trade and other receivables 2,318 971
Cash and cash equivalents 1,449 5,840
------- -------
Total current assets 7,090 9,305
------- -------
Total assets 18,630 21,823
------- -------
Equity and liabilities
Called up share capital 11 1,054 1,054
Shares held in treasury 12 (2,500) (2,500)
Share based payments reserve 674 674
Retained earnings 12,292 16,307
------- -------
Total equity attributable to equity
holders of the parent 11,520 15,535
------- -------
Liabilities
Convertible loans 14 1,702 -
Lease liabilities 428 761
------- -------
Total non-current liabilities 2,130 761
------- -------
Trade and other payables 4,647 1,245
Lease liabilities 333 324
Bank Lombard facility - 3,958
------- -------
Total current liabilities 4,980 5,527
------- -------
Total liabilities 7,110 6,288
------- -------
Total equity and liabilities 18,630 21,823
------- -------
Consolidated Statement of Changes in Equity
for the year ended 30 June 2023
Called Shares Share Based Retained Total
Up Held in Payments Earnings
Share Capital Treasury Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 30
June 2021 1,054 (2,500) 674 23,764 22,992
Total comprehensive
loss for the year - - - (7,457) (7,457)
------- ------- ------- ------ ------
Balance as at 30
June 2022 1,054 (2,500) 674 16,307 15,535
Total comprehensive
loss for the year - - - (4,015) (4,015)
------- ------- ------- ------ ------
Balance as at 30
June 2023 1,054 (2,500) 674 12,292 11,520
------- ------- ------- ------- -------
Consolidated Statement of Cash Flows
for the year ended 30 June 2023
2023 2022
Notes GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (4,228) (5,556)
Adjustments for:
Depreciation and amortisation charges 1,560 1,679
Redemption premium on convertible loans 152
Profit on disposal of property, plant
and equipment - (4)
Share in profit of associate (182) (111)
Other income (69) (114)
Lease liability re-assessment - -
Fair value adjustment on asset held
for sale 50 1,025
Impairment of associate - 109
Fair value adjustment on financial
assets 1 513
Investment income (7) (164)
Interest expense 23 127
Changes in working capital:
Increase in inventories (871) (819)
(Increase) / decrease in trade and
other receivables (1,347) 80
Increase in trade and other payables 3,401 602
------- -------
Cash used in operating activities (1,517) (2,633)
Income taxes refunded / (paid) 80 (2)
------- -------
Net cash used in operating activities (1,437) (2,635)
------- -------
Cash flows from investing activities
Funds divested from financial instruments 102 2,428
Property rental and dilapidations income 50 114
Purchase of intangible assets (516) (447)
Purchase of property, plant and equipment (890) (253)
Preparation costs for asset held for
sale - (180)
Proceeds of sale of property, plant
and equipment 1,052 3
Interest and investment income received 7 164
------- -------
Net cash (used) / generated in investing
activities (195) 1,829
------- -------
Cash flows from financing activities
(Repayment) / draw down of Lombard
facility (3,958) 1,914
Funds raised from convertible loans 1,550 -
Repayments of lease liabilities (347) (347)
Interest paid (4) (96)
------- -------
Net cash (outflow) / inflow from financing
activities (2,759) 1,471
------- -------
Net (decrease) /increase in cash and
cash equivalents (4,391) 665
Cash and cash equivalents at 1 July
2022 5,840 5,175
------- -------
Cash and cash equivalents at 30 June
2023 15 1,449 5,840
------- -------
Notes to the Consolidated Financial Statements
1. Revenue
2023 2022
GBP'000 GBP'000
By geographical area
UK 963 1,984
Europe 524 277
Rest of World - 45
----- -----
1,487 2,306
----- -----
The revenue information above is based on the location of the
customer.
2023 2022
GBP'000 GBP'000
By revenue stream
Rental 589 417
Service 146 167
Sold equipment 540 1,289
Royalty fees - 277
Rebillables 36 24
Support services and engineering 176 132
----- -----
1,487 2,306
----- -----
Substantially all of the revenue in the current and previous
periods derives from the sale, short-term rentals and the provision
of services relating to the Group's patent protected equipment.
2. Segment Reporting
The Group derives revenue from the sale of its POS-GRIP
technology and associated products, the rental of equipment
utilising the POS-GRIP technology and service income principally
derived in assisting with the commissioning and on-going service
requirements of our equipment. These income streams are all derived
from the utilisation of the technology which the Group believes is
its only segment.
Per IFRS 8, the operating segment is based on internal reports
about components of the group, which are regularly reviewed and
used by the board of directors being the Chief Operating Decision
Maker ("CODM").
All of the Group's non-current assets are held in the UK.
The following customers each account for more than 10% of the
Group's continuing revenue:
2023 2022
GBP'000 GBP'000
Customer 1 524 1,471
Customer 2 444 277
Customer 3 235 -
Customer 4 156 -
3. Income tax credit
(i) The taxation (credit) / charge 2023 2022
for the year comprises:
GBP'000 GBP'000
UK Corporation tax:
Adjustment in respect of prior years (217) -
----- -----
(217) -
----- -----
Foreign tax
Current tax on income for the year - 2
----- -----
- 2
----- -----
Total current tax (credit) / charge (217) 2
----- -----
Deferred tax:
Origination and reversal of timing differences 4 (14)
Deferred tax asset write-down - (1,866)
Adjustment in respect of prior years - (23)
----- -----
Total deferred tax 4 (1,903)
----- -----
Total tax credit (213) (1,901)
----- -----
The effective rate of tax is 20.50%
(2022: 19%)
(ii) Factors affecting the tax charge 2023 2022
on continuing activities for the year
GBP'000 GBP'000
Loss on ordinary activities before tax (4,228) (5,784)
Tax on (loss)/profit at standard rate
of UK
corporation tax of 20.50% (2021: 19%) (867) (1,098)
Effects of:
Fixed asset differences 18 -
Expenses not deductible for tax purposes 133 282
Effect of change in tax rate (171) (257)
Tax adjustments on share-based payments
Adjustments in respect of prior year (217) (22)
Foreign tax rates
Deferred tax asset write-down - (1,866)
Deferred tax not recognised 891 1,060
----- -----
Total tax credit (213) (1,901)
----- -----
(iii) Movement in deferred tax asset 2023 2022
balance
GBP'000 GBP'000
Deferred tax asset at beginning of year - (1,899)
Debit to Statement of Comprehensive
Income - 1,899
----- -----
Deferred asset at end of year - -
----- -----
(iv) Deferred tax asset balance 2023 2022
GBP'000 GBP'000
The deferred tax asset balance is made
up of the following items:
Difference between depreciation and 2,055 -
capital allowances
Tax losses (2,055) -
----- -----
Deferred tax asset at end of year - -
----- -----
As outlined in the accounting policy (note 1f) deferred tax
assets are recognised only to the extent that it is probable that
future taxable profit will be available. The deferred tax asset
relates to losses to the value of the deferred tax losses and is
reviewed at the end of each reporting period. The Group has
previously recognised a deferred tax asset based upon its mid-term
forecast profitability. On the basis losses have not been utilised
in the current financial year management consider that the probable
threshold is not met and have released the asset to the extent
there are not sufficient taxable temporary differences. Once this
threshold can be demonstrated an asset will be recognised. At 30
June 2023 the Group has tax losses available of GBP24.5m (2022:
GBP21.5m).
4. Loss per share
2023 2022
GBP'000 GBP'000
Loss attributable to shareholders (4,015) (7,457)
Number Number
Weighted average number of shares in
issue 100,435,744 100,435,744
Dilution effects of share schemes - -
---------- ----------
Diluted weighted average number of
shares in issue 100,435,744 100,435,744
---------- ----------
Loss per share
Basic Loss per share for continuing
operations (4.00p) (7.42p)
Diluted Loss per share for continuing
operations (4.00p) (7.42p)
------ ------
Basic loss per share is calculated on the results attributable
to ordinary shares divided by the weighted average number of shares
in issue during the year.
Diluted earnings per share calculations include additional
shares to reflect the dilutive effect of share option schemes. As a
loss was made on continuing operations for the current year the
option schemes are considered to be anti-dilutive.
5. Intangible Assets
Patent
Intellectual and Other Computer
Property Development Software Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
As at 30 June 2021 4,600 13,690 261 18,551
Additions - 447 - 447
Disposals - - (17) (17)
----- ----- ----- -----
As at 30 June 2022 4,600 14,137 244 18,981
Additions - 516 - 516
----- ----- ----- -----
As at 30 June 2023 4,600 14,653 244 19,497
----- ----- ----- -----
Amortisation
As at 30 June 2021 3,550 5,098 259 8,907
Charge for the year 238 687 1 926
On disposals - - (17) (17)
----- ----- ----- -----
As at 30 June 2022 3,788 5,785 243 9,816
Charge for the year 238 712 - 950
----- ----- ----- -----
As at 30 June 2023 4,026 6,497 243 10,766
----- ----- ----- -----
Net Book Value
As at 30 June 2023 574 8,156 1 8,731
----- ----- ----- -----
As at 30 June 2022 812 8,352 1 9,165
----- ----- ----- -----
When assessing the carrying value of the Group's assets the key
assumptions on which the valuation is based are that:
-- Industry acceptance will result in continued growth of the
business above long-term industry growth rates Management considers
this to be appropriate for a new technology gaining industry
acceptance,
-- Prices will rise with inflation,
-- Costs, in particular direct costs and staff costs are based
on past experiences, and management's knowledge of the
industry,
These assumptions were determined from the directors' knowledge
and experience.
The value in use calculation is based on cash flow forecasts
derived from the most recent financial model information available.
Although the Group's technology is proven and has proven commercial
value the exploitation of opportunities beyond the rental wellhead
exploration equipment services market are at a relatively early
stage and the commercialisation process is expected to be a long
term one. Based on the level secured income for the next financial
year, management expect this will lead to a wider uptake and
acceptance of the of the technology. The cash flow forecasts
therefore extend to 2043 to ensure the full benefit of all current
projects is realised. The rationale for using a timescale up to
2043 with growth projections which increase in the first five years
and decline thereafter, is that as time progresses, Plexus expects
to gain an increasing foothold in the surface, subsea and other
equipment markets, including the recent re-entry into the Jack-up
exploration rental wellhead sector. As the Group is starting from a
base point of trading the growth rates are expected to be high in
the initial years (varying from 50% to 400% depending on the model
employed) then in later years where the technology becomes
established the expected rate of growth declines (varying from 5%
to 10 depending on the model employed).
The key assumptions used in these calculations include discount
rate (10.87%), revenue projections, growth rates, expected gross
margins and the lifespan of the Group's technology.
Management estimates the discount rates using pre-tax rates that
reflect current market assessments of the time value of money and
risks specific to the Group and the markets in which it operates.
Revenue projections, growth rates, margins and technology lifespans
are all estimated based on the latest business models and the most
recent discussions with customers, suppliers and other business
partners.
Management regularly assesses the sensitivity of the key
assumptions, including a sensitivity analysis, and the probability
that any of them would change to the degree that the carrying value
would exceed the recoverable amount. It would require significant
adjustments to key assumptions before the goodwill and other
intangibles would be impaired.
Patent and other development costs are internally generated Note
1h provides additional information on intangible assets.
6. Property plant and equipment
Tenant Assets Motor
Buildings Improvements Equipment under construction vehicles Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As at 30 June
2021 3,740 714 5,561 - 17 10,032
Additions - 130 69 54 - 253
Transfers - - 54 (54) - -
Reclassified
to assets held
for sale (3,055) - (3) - - (3,058)
Disposals - - (321) - - (321)
----- ----- ----- ----- ----- -----
As at 30 June
2022 685 844 5,360 - 17 6,906
Additions - 15 123 752 - 890
Transfers - - 367 (367) - -
----- ----- ----- ----- ----- -----
As at 30 June
2023 685 859 5,850 385 17 7,796
----- ----- ----- ----- ----- -----
Depreciation
As at 30 June
2021 1,643 566 4,851 - 11 7,071
Charge for
the year 153 40 252 - 4 449
Reclassified
to assets held
for sale (1,111) - (3) - - (1,114)
On disposals - - (321) - - (321)
----- ----- ----- ----- ----- -----
As at 30 June
2022 685 606 4,779 - 15 6,085
Charge for
the year - 74 231 - 2 307
----- ----- ----- ----- ----- -----
As at 30 June
2023 685 680 5,010 - 17 6,392
----- ----- ----- ----- ----- -----
Net book value
As at 30 June
2023 - 179 840 385 - 1,404
----- ----- ----- ----- ----- -----
As at 30 June
2022 - 238 581 - 2 821
----- ----- ----- ----- ----- -----
The value in use of property, plant and equipment is not
materially different from the carrying value.
7. Asset held for sale
2023 2022
GBP'000 GBP'000
Cost - 3,058
Accumulated depreciation - (1,114)
----- -----
Reclassified from investment in associate 905 -
Net book value - 1,944
Preparation costs - 172
Cost of sale - 9
----- -----
Fair value adjustment - (1,025)
----- -----
Fair value 905 1,100
----- -----
During the year the Directors were committed to a plan to sell
the Group's investment in associate (note 13), this along with the
other recognition criteria included within "IFRS 5, Non-current
assets held for sale and discontinued operations" including the
asset being available for immediate sale in its present condition
and the sale is considered to be highly probable meant the asset
has been presented as an asset held for sale.
The asset held for sale in the prior year relates to a property
that was sold on 28 February 2023 for a consideration of GBP1.05m.
The Group had agreed a sale in principle in the prior year. The
building was previously marketed for sale. In line with IFRS5 the
asset was held for sale at the lower of its carrying value and fair
value. A further fair value adjustment of GBP50k to reduce the
carrying value of the asset to its fair value has been recognised
in the current financial year.
8. Investment in associate
GBP'000
Investment in associate at 30 June
2021 721
Share of profit for the period 111
Impairment of investment (109)
-----
Investment in associate at 30 June
2022 723
-----
Share of profit for the period 182
Reclassified to asset held for sale
(note 15) (905)
-----
Investment in associate at 30 June -
2023
-----
On 14 December 2018 Plexus Ocean Systems Limited acquired a 49%
interest in Kincardine Manufacturing Services Limited ("KMS") for a
consideration of GBP735k plus associated legal fees. KMS are a
precision engineering company which serves the oil and gas
industry. This is viewed as a long-term strategic investment by
Plexus. KMS are based at Sky House, Spurryhillock Industrial
Estate, Stonehaven, Aberdeenshire AB39 2NH.
Following the investment Graham Stevens PLC Finance Director was
appointed to the board of KMS. The company remains under the
control and influence of the 51% majority shareholders.
On 30 June 2023, an impairment review has been undertaken. The
investment has been valued using a profit after tax earnings model.
This highlighted no impairment charge was required.
9. Financial Assets
2023 2022
GBP'000 GBP'000
Financial instruments held at fair
value - 101
----- -----
- 101
----- -----
The financial asset related to cash invested in an investment
portfolio, made up of high-yield bonds held at fair value in the
statement of financial position. The portfolio was fully divested
in the year. Included in the statement of comprehensive income is a
write-down in the carrying value of the financial asset of GBP1k
(2022: GBP513k).
10. Share Capital
2023 2022
9
GBP'000 GBP'000
Authorised:
Equity: 110,000,000 (2022: 110,000,000)
Ordinary shares of 1p each 1,100 1,100
----- -----
Allotted, called up and fully paid:
Equity: 105,386,239 (2022: 105,386,239)
Ordinary shares of 1p each 1,054 1,054
----- -----
11. Shares held in treasury
2023 2022
GBP'000 GBP'000
Buyback of shares 2,500 2,500
----- -----
On 1 February 2019 Plexus Holdings PLC completed the acquisition
of 4,950,495 Ordinary Shares beneficially held by LLC Gusar.
Following the above transaction, the Company's issued share capital
comprises 105,386,239 Ordinary Shares, of which 4,950,495 Ordinary
Shares are held in treasury. The Company now has a total of
100,435,744 Ordinary Shares in issue with voting rights. This
figure, 100,435,744, should be used by shareholders as the
denominator when determining whether they are required to notify
their interest in, or a change to their interest in the Company
under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules. Post year end Plexus sold 2,750,000 of the
treasury shares.
12. Reconciliation of net cash flow to movement in net cash/debt
2023 2022
GBP'000 GBP'000
Movement in cash and cash equivalents (4,391) 665
Repayment / (drawdown) of Lombard
facility 3,958 (1,914)
----- -----
(Decrease) in net cash in year (433) (1,249)
Net cash at start of year 1,882 3,131
----- -----
Net cash at end of year 1,449 1,882
----- -----
13. Analysis of net cash/(debt)
2023: At beginning Cashflow At end of
of year year
GBP'000 GBP'000 GBP'000
Cash in hand and at bank 5,840 (4,391) 1,449
Bank Lombard facility (3,958) 3,958 -
Lease Liability (1,085) 324 (761)
----- ----- -----
Total 797 (109) 688
----- ----- -----
2022: At beginning Cashflow At end of
of year year
GBP'000 GBP'000 GBP'000
Cash in hand and at bank 5,175 665 5,840
Bank Lombard facility (2,044) (1,914) (3,958)
Lease Liability (1,401) 316 (1,085)
----- ----- -----
Total 1,730 (933) 797
----- ----- -----
14. Convertible loans
2023 2022
GBP'000 GBP'000
Convertible loans issued 1,550 -
Redemption premium 152 -
----- -----
1,702 -
----- -----
In October 2022 Plexus raised GBP1,550,000 through the issue of
1,550,000 convertible loan notes. The loan notes are non-interest
bearing and have a maturity date being 24 months after issue.
The loan notes can be settled in cash, with an additional 20%
redemption interest on the principal amount or converted into new
shares where the principal amount will be settled at a 20% discount
to the share price paid by investors in a qualifying financing
even. The 20% discount noted about equates to a 25% premium on the
principal amount. Therefore, a redemption premium of GBP387,500
will be recognised over the two-year term. At the reporting date
finance costs include GBP152k in relation to the accrued redemption
premium.
The financial information above does not constitute the
company's statutory accounts for the year ended 30 June 2023 but is
derived from those statements.
The statutory financial statements and this preliminary
statement for the year ended 30 June 2023 were approved by the
Board on 28 November 2023 . On the same date the company's
auditors, Crowe U.K. L.L.P issued an unqualified report on those
financial statements. The audit report includes a material
uncertainty related to going concern. Attention is drawn to note
1(b) in the financial statements, which indicates that the Group
and Parent Company will require further funding to continue its
operations and meet its obligations. As stated in note 1(b), these
events or conditions, along with the other matters as set forth in
note 1(b), indicate that a material uncertainty exists that may
cast significant doubt on the Group's and company's ability to
continue as a going concern. The auditors' opinion is not modified
in respect of this matter.
The financial information for the year ended 30 June 2023 is
derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified and did not draw
attention to any matters be way of emphasis and not contain a
statement under s498(2) or (3) of the Companies Act 2006 or
equivalent preceding legislation. The Company's financial
statements have been prepared in accordance with International
Financial Reporting Standards, as adopted by the EU. A copy of the
statutory accounts will be delivered to the Registrar of Companies
in due course.
The Annual Report will be circulated to all shareholders and
thereafter, copies will be available from the registered office of
the company, Highdown House, Yeoman Way, Worthing, West Sussex,
BN99 3HH.
This information is provided by RNS, the news service of the
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END
FR PPGRCGUPWGBR
(END) Dow Jones Newswires
November 29, 2023 02:00 ET (07:00 GMT)
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