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Posts: 262
Opinion: Buy
Posted: June 25, 2019
RNS Number : 2605D
Tekmar Group PLC
25 June 2019
TEKMAR GROUP PLC
("Tekmar Group", the "Group" or the "Company")
FINAL RESULTS 2019
Tekmar Group (AIM: TGP), a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, announces its final results for the year ended 31 March 2019 ("FY19").
Highlights:
· Strong result in H2 with FY19 in line with revised market expectations
· Revenue growth of 28.3% with Compound Annual Growth Rate over last five years at 21.5%
· Strong balance sheet, following successful IPO in June 2018, enabling the Group to deliver on its growth and diversification strategy
· Adjusted EPS of 6.0p
· 100% market share of all cable protection systems into European Offshore Wind ("OWF") maintained by Tekmar Energy
· Two acquisitions completed in the year:
Subsea Innovation in September 2018, adding complementary products in shared markets with specialist engineers to aid new product development
Ryder Geotechnical on 28 March 2019 bringing earlier engagement to customers.
· Diversification strategy has broadened the Group's technology offering to 47 products (FY18: 20)
· Market Visibility2 at a record high of £50m a 44% increase year on year
· Long term global outlook in the Group's markets continues to be positive with oil price stable above $50 a barrel and the offshore wind outlook7 up by 51.3%
Full RNS can be read below
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/TGP/14122652.html