Business
New Contract Win
New Contract Win.
About this update from Tekmar Group Plc
[{"type":"text","content":"\n \nRNS Number : 7450H Tekmar Group PLC 02 August 2019 \n\n \nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n2 August 2019\n \nTEKMAR GROUP PLC\n(\"Tekmar Group\", the \"Group\" or the \"Company\")\n \nNEW CONTRACT WIN\n \nTekmar Group (AIM: TGP), a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that Tekmar Energy Limited (\"Tekmar Energy\") has today secured the Group's largest contract win to date for the supply of its flagship cable protection system product, TEKLINK®, to one of the world's largest offshore wind farm developments.\n \nThe contract, which is for execution and revenue recognition primarily in the current financial year ending 31 March 2020 (\"FY20\"), is worth no less than £5 million.\n \nJames Ritchie, CEO of Tekmar Group, said: \n \n\"We are delighted that Tekmar Energy has been chosen, once again, to supply product for a major offshore wind development. The award reflects the value proposition that our technology offers and the confidence the industry has in our products and our ability to deliver large scopes of work. \n \n\"It is also representative of our \"life-cycle\" strategy in action. Tekmar Energy secured this major contract after other Group companies, namely Agiltek and Ryder Geotechnical, provided support earlier on in the project life-cycle.\" \n \nThis contract is in line with existing management expectations and the Group has not altered its guidance for FY20. Further details of the project will be provided on the Group's website in due course.\n \n \nFor further information contact:\n \n\n\n\nTekmar Group plc\nJames Ritchie, Chief Executive Officer\nSue Hurst, Chief Financial Officer\n \n\n\nTel: +44 (0)1325 379 520\n\n\n\n\nGrant Thornton UK LLP (Nominated Adviser) \nPhilip Secrett / Samantha Harrison\n \n\n\nTel: +44 (0)20 7383 5100\n\n\n\n\nBerenberg (Broker) \nChris Bowman / Ben Wright \n \n\n\nTel: +44 (0)20 3207 7800\n\n\n\n...