Tekmar Group PLC - Darlington, England-based provider of technology and services for global offshore energy markets - Posts revenue of GBP17.7 million for six months ended on March 31, up 36% from GBP13.0 million the year before. Pretax loss narrows by 44% to GBP1.8 million from GBP3.2 million, as operating loss reduces by 45% to GBP1.7 million from GBP3.1 million. Looking ahead, expects business to break even at an adjusted earnings before interest, depreciation and amortisation level for the current financial year, with revenue in the region of GBP40 million, of which over 90% is already secured.
Chief Executive Officer Alasdair MacDonald says: "We are delighted to have successfully concluded the strategic review process, welcoming SCF as a highly complementary strategic partner and significantly strengthening the balance sheet with the fundraise we completed in April."
Additionally, Tekmar promotes Leanne Wilkinson as chief financial officer and executive director, starting immediately. She joined the firm in 2022 as Tekmar Energy finance director. Since December 2022 she has been interim CFO after Derek Bulmer's resignation.
Current stock price: 10.6 pence each, up 15% on Wednesday morning in London
12-month change: up 36%
By Xindi Wei, Alliance News reporter
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Tekmar Group (TGP)