5th May 2020 12:50
(Alliance News) - Subsea protection systems maker Tekmar Group PLC said its annual results will meet market expectations and added that it ended its financial year with a "record" order book.
Tekmar said revenue in the three months to March 31 rose 40%. Last year, it reported revenue of GBP28.1 million.
"This significant increase in sales has been achieved, despite the lockdown and social distancing measures associated with Covid-19 impacting the group's activity in the heavily fourth-quarter weighted period," Tekmar said.
"The board is also pleased to announce that the group ended the period with a record year-end order book of no less than GBP10 million, up 39% on the prior year-end."
Tekmar added that it has furloughed roughly 8% of its workforce and has put the brakes on pay reviews, recruitment and capital expenditure.
Shares in the company were trading 6.0% higher at 121.85 pence each in London on Tuesday.
By Eric Cunha; [email protected]
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