Tekmar interim loss narrows as revenue jumps; outlook optimistic
Tekmar Group PLC on Thursday cited a positive business momentum with a focus on Project Aurora, as it posted a narrowed interim loss.
Newton Aycliffe, England-based Tekmar is a technology and services provider for the offshore energy industry.
Tekmar said pretax loss narrowed to £1.1 million in the six months to March 31 from £2.7 million a year prior.
Revenue grew 29% to £16.2 million from £12.3 million. Cost of sales increased 28% to £11.2 million from £8.8 million.
The company said it is encouraged by the continued progress it is making in delivering on the Project Aurora strategic plan.
Chief Executive Officer Richard Turner said: ‘The business performed well in the first half of this year, delivering a material improvement in year-on-year profitability consistent with our guidance. Our priorities for the second half of the year are to drive the business to deliver a strong second half financial performance, manage and mitigate the impact of the events in the Middle East on our business and win good quality orders that build on our record backlog and grow multi-year visibility.
‘Notwithstanding the impact of the ongoing uncertainty in the Middle East, the board anticipates strong revenue and profit delivery in the second half as we continue to build our improved revenue visibility into FY27.’
Tekmar shares fell 6.1% to 15.77 pence each on Thursday just before noon in London.
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