3rd Aug 2020 12:22
Tekmar Group PLC - subsea protection systems manufacturer based in Newton Aycliffe - Chief Executive Officer James Ritchie-Bland resigns from the role and steps down from the board immediately, leaving the company by the end of the current financial year on March 31, 2021. Non-Executive Chair Alasdair MacDonald becomes executive chair until a new CEO is found. Ritchie-Bland was a founder 12 years ago of Tekmar Energy, which later listed on AIM in 2018.
Tekmar posts revenue of GBP40.9 million for financial 2020, up 46% from GBP28.1 million the year prior. However, pretax profit is unchanged at GBP2.0 million.
The company says profitability is hurt by the Covid-19 outbreak and the shut-down in China. Operating expenses during the year are GBP10.2 million, up from GBP7.0 million.
Looking ahead, Chair MacDonald says: "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 are GBP2.1 million.
Current stock price: 112.00 pence
Year-to-date change: down 23%
By Ife Taiwo; [email protected]
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