- Subsea cable protection group Tekmar swung to a first-half loss as the pandemic weighed on its order intake.

Pre-tax losses for the year through March amounted to £2.5 million, compared to a year-on-year profit of £2.0 million.

Revenue fell 29% to £29.1 million.

'Given the prevailing market environment, with ongoing Covid-19 disruption across the industry, the board remains cautious on the commercial environment in the near-term,' Tekmark said.

'The board expects Tekmar to deliver a stable financial performance in the remainder of the extended financial period to September 2021, with a similar revenue run-rate in the third half to each of the first two interim periods.

'The board also expects the business to deliver a broadly similar performance at the adjusted EBITDA level, and anticipates at least a break-even position for the extended 18 month financial period.'

'The company's cash position means it is well placed to manage the continued commercial impact of the pandemic until more normalised commercial activity levels return.'

At 9:06am: [LON:TGP] Tekmar Group Plc Ord 1p share price was 0p at 50p

Story provided by