By Iain Gilbert
Date: Tuesday 05 May 2020
LONDON (ShareCast) - (Sharecast News) - Subsea cables provider Tekmar expects to report markedly improved revenues as part of its full-year results as demand in the offshore wind sector remained strong.
Tekmar said on Tuesday that revenues for the year ended 31 March were projected to be up 40% year-on-year, an improvement recorded despite lockdowns and social distancing measures stemming from the Covid-19 pandemic impacting activity in its heavily weighted fourth-quarter.
The AIM-listed group said its order book was sitting at ?10m, up 39% year-on-year, and stated its balance sheet was "strong", with approximately ?2.1m in cash on hand at the end of the year.
As a precautionary short-term measure, Tekmar also said cash preserving initiatives had been put in place, including a freeze on its annual pay review, recruitment and capital expenditure.
Chief executive James Ritchie said: "While our growth in the Period has been impacted by Covid-19, the demand for offshore wind remains strong."
As of 1005 BST, Tekmar shares were up 6.26% at 122.20p.
Email this article to a friend
or share it with one of these popular networks:
Currency | UK Pounds |
Share Price | 9.25p |
Change Today | 0.25p |
% Change | 2.78 % |
52 Week High | 15.75 |
52 Week Low | 8.80 |
Volume | 102,191 |
Shares Issued | 136.07m |
Market Cap | £12.59m |
RiskGrade | 392 |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
No dividends found |
Time | Volume / Share Price |
16:12 | 5,204 @ 9.35p |
15:48 | 1 @ 9.48p |
15:47 | 1 @ 9.48p |
15:45 | 1 @ 9.48p |
15:38 | 1 @ 9.48p |
You are here: research