Tekmar revenues up 40% despite Covid-19 impacts in Q4

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.