Tekmar Report Record Order Book
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Tekmar Group plc
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04 December 2018
Today Tekmar Group, the market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, announced its half year results for the six months ended 30 September 2018.
The company reported a record order book, including a success rate of securing 100% market share of all cable protection systems into European offshore wind projects awarded during the period. The half year results follow market analysts upgrading forecasts for global offshore wind generation to 112GW by 2027.
Tekmar also announced it has increased job numbers from 97 to 157 from HY18 -HY19.
Alastair MacDonald, Non-executive Chairman of Tekmar Group, said:
"We were delighted with the success of the IPO in June 2018 and in many ways, the business has never been in a better position. We have extremely strong forward market visibility; Tekmar Energy is maintaining its unrivalled market share in our core market, Offshore Wind, and Subsea Innovation, our first acquisition since IPO, delivered a solid performance.”
The Group is expecting to generate record revenues in FY19, ahead of current market expectations. The Group also report a total enquiry pipeline of £170m and new products in development for all global markets.
James Ritchie, Chief Executive Officer of Tekmar Group, said:
"Our confidence in our business plan must not be underestimated. The strong pipeline and market visibility, the forecast increase in global offshore wind deployment and progress on key initiatives provide a solid platform for future growth.
We will continue our efforts to maintain market share and margins, increase revenue opportunities per project, add new technology, gain access to new emerging markets and diversify revenue streams via strategic acquisition, to create long term shareholder value”.
Also within the release was mention of a range of initiatives including an expansion to China and potential future acquisitions to further expand the Group, aligned with the company’s vision is to become the partner of choice for the supply and installation support of subsea protection equipment to the global offshore energy markets.
Full year results are expected July 2019.