Since we last covered Plexus Holdings (POS), there has been good news and bad. The oil and gas engineer received a vote of confidence in its POS-GRIP wellhead technology from Nexen, a subsidiary of China's state oil company, CNOOC, which placed a new well order. Unfortunately, that contract is unlikely to be recognised until after the current financial year, interim figures for which were predictably dire.
IC TIP:
Buy
The one salvo was the £10.1m in net cash left on the balance sheet at the end of December. This, together with a £5m revolving credit facility with Bank of Scotland, leaves the group "well placed to see out the current downturn".
