Technology provider of subsea protection systems for the global offshore energy markets, Tekmar Group plc (AIM: TGP) booked bumper financials during the first half of FY20.
The Company began its latest update by telling shareholders that revenues were up across all divisions, and that the latest round of results were in line with management expectations.
The Group’s posted a ‘Record Order Book’ of £15.9 million, which was up 23.26% year-on-year for the same period.
Its headline status was earned, however, with its fundamentals. Its revenues widened from £7.1 million to £17.1 million on-year for the six month period, while its EBITDA swung from a £0.8 million loss, to a £2.0 million profit.
Tekmar Group continued and said that the long term global outlook for its key markets was improving, with forecasts fro future wind generation up 43.5% year-on-year. The Group also stated that it remains debt-free, with a positive cash balance of £3.9 million.
It continued, stating that it had been awarded the London Stock Exchange’s Green Economy Mark, and that its diversification strategy was ‘on track’. Its acquisitions – Subsea Innovation and Ryder Geotechnical – had both delivered ‘strong results’.
Elsewhere in renewables news, Nokia Corporation (HEL: NOKIA) helps transform Finland’s national grid to support renewables, SIMEC Atlantis Energy (LON: SAE) made a series of operational announcements, JLEN (LON: JLEN) continues to gain momentum. and Active Energy Group (LON: AEG) made an acquisition in North Carolina.
Tekmar Group comments
Alasdair MacDonald, Non-executive Chairman of the Group, said,
“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. We believe that the Group is firmly on track to meet our expectations in the current year with positive market indications for the future.”
Following the update, the Company’s shares rallied 1.61% or 2.50p, to 157.50p per share 03/12/19 14:50 GMT. Analysts from Berenberg reiterates its ‘Buy’ stance on Tekmar Group stock. The Group’s dividend yield is unavailable, their p/e ratio is 25.83.