- Oil services group Plexus reported a first-half loss after a weaker crude price owing to the pandemic hurt demand, though it expected an improvement in second-half sales.

Pre-tax losses from continuing operations for the six months through December amounted to £2.0 million, compared to year-on-year losses of £2.76 million.

Plexus said a recent rise in crude prices, combined with the need to address the impact of reduced capital expenditure over the past year, was being seen as a sign that 2022 would see a major recovery for the oil and gas sector.

Still, it added the full extent of the impact of Covid-19 on the company's trade, customers and suppliers was not yet known.

'For now, the half year results, including revenues of £419,000, are in line with internal budgets and the group's revenues are projected to be higher in the second half of the financial year,' chief executive Ben van Bilderbeek said.

Results for the full year were anticipated to be in line with market expectations,' he added.

At 8:58am: [LON:POS] Plexus Holding PLC share price was 0p at 22p

Story provided by