February started with a fairly sickening ride for shareholders in Plexus Holdings (POS). After a day and a half of share price declines, the Aim-quoted oil services business rushed out a mid-afternoon trading update to say revenues for the current financial year are "currently running materially behind expectations". Any recovery, the market was told, will rely on the fortuitous timing of "several new contracts".
IC TIP:
Buy
at
96p
Right on cue, Plexus announced the very next day that it had signed a two year contract extension to supply Shell's Brunei subsidiary with its pressured wellhead systems. News of the deal, which gave no reference to likely revenues, sent the shares up 15 per cent.
