- Undersea cable protection group Tekmar booked a slight fall in annual profit as expenses offset a rise in revenue.

Pre-tax profit for the year through March fell to £1.96m, down from £1.99m on-year, even as revenue rose 46% to £40.9m.

Tekmar said it expected its performance in the 2021 financial year to be weighted to the second half.

'Whilst the level of growth in profitability in the 2020 financial year was inevitably affected by Covid-19 and the shutdown in China, our strong market position and track record in offshore wind cable protection projects remain unrivalled globally,' chief executive Alasdair MacDonald said.

'Our overall confidence in the prospects for the business should not be understated.'

'I now see a group which has truly been transformed and, with a much wider portfolio of complementary technologies, is able to offer an international customer base a unique customer-value proposition.'

'Coupled with a robust balance sheet, the group is well positioned with a solid platform for growth over the next decade, which is supported by a positive market outlook, despite some short-term uncertainty as we transition through the Covid-19 recovery, which the group has somewhat mitigated by receipt of a CBILS loan of £3m post year end.'

At 9:30am: [LON:TGP] Tekmar Group Plc Ord 1p share price was +1p at 115p

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