3rd Dec 2019 11:16
(Alliance News) - Subsea cable protection systems maker Tekmar Group PLC on Tuesday reported "strong" growth in revenue across all business areas in the first half.
For the six months to September, Tekmar's revenue more than doubled to GBP17.1 million from GBP7.1 million the year prior.
This helped Tekmar post a pretax profit for the half-year of GBP826,000, swung from a GBP2.6 million loss a year before.
Newton Aycliffe, Durham-based Tekmar is "firmly" on track to meet expectations for its full year ending March, and it added the business remains debt free.
The order book stood at GBP15.9 million at the end of the half, more than double than at the end of March.
"We have made great progress in the first half of the year, delivering record revenue growth and securing the company's largest ever order book. All our businesses performed well, the outlook remains very positive with our core market, offshore wind, forecast to grow substantially in the long term and the integration of our acquisitions and long-term strategy have progressed well," said Non-Executive Chair Alasdair MacDonald.
"We believe that the group is firmly on track to meet our expectations in the current year with positive market indications for the future," he added.
Tekmar listed in London in the summer of 2018, raising just over GBP60 million in its initial public offering, which was priced at 130 pence per share. The stock was up 2.6% on the day Tuesday morning at 159.00p.
By George Collard; [email protected]
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