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Aberdeen oil firm makes record profit despite slump

29 Oct 2015

Well technology firm Plexus Holdings has achieved record profits in a year when the oil and gas industry was rocked by a plunge in the crude price.

Aberdeen-based Plexus made £5.9 million pre-tax profit, compared with £5.4m in 2014. Sales also increased to £28.5m, from £27m.

While competitors slash spending in response to the price fall, the company has surged ahead with its POS-GRIP system, which offers a more cost-effective way of joining well components.

Plexus is pushing for growth in overseas markets such as Asia, to reduce its reliance on the North Sea. In July China’s Yantai Jereh Oilfield Services Group invested £8m with the firm for a five per cent stake and licensing deal.