Tekmar Group Secures €8m Contract, Provides Positive Trading Update
Why we think this is good
Tekmar Group has reported a strong performance in the second half of FY25, with revenue expected to be around £29m and adjusted EBITDA above breakeven. The company has also secured a significant €8m contract for its cable protection technology, as well as a record order book that is 60% higher than the previous year. These positive developments suggest the company is executing well on its strategic plan and expanding its customer base across its core markets. However, the trading update does not constitute a 'profit upgrade' or 'trading significantly ahead of expectations' that would warrant a 'Very Good' sentiment score, so I have capped the sentiment at 'Good' in line with the constraints.
Key Points
- Awarded €8m contract for UK offshore wind farm project
- Expects FY25 revenue of around £29m and adjusted EBITDA above breakeven
- Order book is 60% higher than the previous year, reaching a record level
- Secured new contracts across offshore wind, oil & gas, and ports & harbours
Summary
Tekmar Group plc (TGP) has announced a significant €8m contract award for a major UK offshore wind farm project. The company also provided a trading update for FY25, expecting revenue of around £29m and adjusted EBITDA above breakeven. Tekmar's order book has grown to a record level, 60% higher than the previous year, providing strong visibility on future revenue. The company has secured several new contracts across its core markets of offshore wind, oil & gas, and ports & harbours, demonstrating its successful execution of its strategic plan.