Business
Final Results
Final Results.
About this update from Tekmar Group Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n \n \n \n \n \n \n \n \n TEKMAR GROUP PLC\n \n \n \n \n (\"Tekmar Group\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n FINAL RESULTS\n \n \n \n \n For the year ending 30 September 2022\n \n \n \n \n \n \n Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces its audited final results for the year ending 30 September 2022 (\"FY22\" or the \"Period\"). FY21 is an 18-month period reflecting the extended financial year to 30 September 2021 as previously announced in October 2020.\n \n \n \n \n \n \n Highlights\n \n \n \n ·\n Revenue of £30.2m (18M to 30 September 2021: £47m, 12M to September 2021: £31.8m) and Adjusted EBITDA loss of £2.1m for the year (18M to 30 September 2021: loss of £2.1m, 12M to 30 September 2021: loss of £2.9m).\n \n \n ·\n Revenue of £17.2m for H2 22 (6M to 31 March 2022: £13.0m) and Adjusted EBITDA loss of £0.3m (6M to 31 March 2022: loss of £1.8m) highlights an improved second-half performance.\n \n \n ·\n Gross margin of 23% represents a 330 basis points improvement on prior year (FY21: 20%) and shows business transition continues.\n \n \n ·\n Secured and delivered the Group's largest project to date in excess of £10m for pipeline protection systems in the Middle East.\n \n \n ·\n Selected for Dogger Bank C Offshore Wind Farm (in continuation of the previously announced Dogger Bank A & B contracts), when delivered will be the largest global offshore wind project.\n \n \n ·\n The above contract awards support growth in our order book to £22.9m as at the end of December 2022, which is the largest reported since the Company's admission to AIM.\n \n \n ·\n On a statutory basis Group loss before tax was £5.2m (18M to 30 September 2021: £5.8m loss)\n \n \n ·\n The Group held £8.5m of cash as at 30 September 2022, including the drawdown of bank facilities from the £3.0m CBILS loan and £4.0m trade loan facility. Both these facilities were renewed post year end to 2023.\n \n \n ·\n The forma...