3rd Aug 2020 12:09
Tekmar Group PLC - subsea protection systems manufacturer based in Newton Aycliffe - Posts annual revenue of GBP40.9 million, up 46% from GBP28.1 million recorded the year prior. However, pretax profit was unchanged at GBP2.0 million.
The company says profitability for its financial year ended March 31 was hurt by the Covid-19 outbreak and the shut-down in China. Operating expenses during the year were GBP10.2 million, up from GBP7.0 million.
Looking ahead, Non-Executive Chair Alasdair MacDonald said: "Our strong market position and track record in offshore wind cable protection projects remain unrivalled globally. Coupled with a robust balance sheet, the group is well positioned with a solid platform for growth over the next decade, which is supported by a positive market outlook, despite some short-term uncertainty as we transition through the Covid-19 recovery."
Cash and cash equivalents at the end of March were GBP2.1 million.
Current stock price: 109.90 pence
Year-to-date change: down 24%
By Ife Taiwo; [email protected]
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