StockMarketWire.com - Subsea cable protection company Tekmar Group swung to a full-year profit as it won new contracts in the offshore wind sector.

Pre-tax profit for the year through March amounted to £2.0m, compared to losses of £0.4m on-year.

Revenue grew 28% to £28.1m.

'The market outlook for offshore wind and oil and gas are both strong, with offshore wind CAGR forecasts above 20% between 2018-2028 and demand for products for the oil and gas market at a three-year high,' chairman Alasdair MacDonald said.

'The group remains focused on its strategy as stated at IPO to deliver long-term growth through the expansion of new products, organic growth and by selective and complementary acquisitions.'

'On behalf of all the directors, I am pleased to report that the new financial year has started well and, with current order visibility levels, believe that the group is making good progress to deliver results in line with market expectations in the 2020 financial year.'






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