Plexus Holdings PLC on Wednesday reported a fall in annual revenue and a narrowed loss as it expects a return to profit in the new financial year.

The West Sussex-based engineering services provider said in the financial year ended June 30, pretax loss narrowed 24% to £4.2 million from £5.6 million a year prior.

Revenue however declined 36% to £1.5 million from £2.3 million.

Looking ahead, the company said: ‘Although revenues were lower than the prior year, the board’s focus on reversing these losses and the decisions taken as part of the revised strategy has begun to have a positive impact with significantly increased revenues and a return to profitability anticipated for the 2023/24 financial year.’

Chair Jerome Thrall said: ‘The industry is now moving in the right direction, with new sustainable methods and equipment being encouraged, developed, and employed to address regulatory demands for emissions reductions, particularly in relation to methane.’

He added: ‘Specifically in the UK, it is now being recognised that the reliance on imported gas, such as from the US and Qatar and the resultant implications for energy security is something that urgently needs addressing. Such considerations were brought into sharp focus with the terrorist attack on Israel in October, and it is no coincidence that the chief executive officer of [energy technology solutions company] Baker Hughes in a recent interview with the Financial Times said that he sees geopolitical risks being at their highest level in half a century.’

Plexus shares fell 11% to 19.53 pence each on Wednesday morning in London.

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