Plexus Holdings Cuts 50 Staff Due To 'Sharp Deterioration'

Aberdeen-based Plexus Holdings has laid off 50 staff after a 'sharp deterioration' in both operator activity and sales revenue.

The oil and gas firm said the move was necessary after both divisions declined in late 2015 and early this year, with sales revenue falling from £13.51 million to £6.76 million.

It also posted a lost of £3.5m, with net cash of £4.4m.

Plexus' Chief Executive Ben van Bilderbeek said: "Like all companies operating in the oil and gas sector, the rapid and sharp decline seen in the oil price over the last eighteen months, and particularly since late 2015, has significantly impacted our first half performance and current outlook as previously reported to the market.


"Faced with the current climate of lower orders and lower revenues, we like many other companies are of course not simply waiting for a pick-up in exploration activity to return to positive cash flow.

"We have embarked on a series of major headcount and cost reduction measures designed to ensure we come through this cycle much leaner but still in a strong position to capitalise on the opportunities that I believe will present themselves as deferred and new drilling projects come back on stream."

(LM)