Half-year profits have jumped by £1million Montrose-based Tekmar Group.
The AIM-listed provider of products and solutions for the global offshore energy sector updated markets on its swelling order book this morning.
Over the last six months, Tekmar's offshore wind business and Pipeshield subsidiary secured orders of £13.7million and £10million respectively.
The firm's revenues hit £16.2million over the period, with profits hitting £5.4million, up on the £3.3million made over the same period last year.
Alasdair MacDonald, CEO, commented: "We are pleased to report our best results and highest level of adjusted EBITDA for four years. The business performed well in the first half of 2024 as we continue to build a better-quality and de-risked order book, returning the business to sustained profitability.
"We have strengthened our platform for consistent growth by divesting the SIL business, which also supports our focus on efficient capital allocation. Our offshore wind business returned to making a material contribution to Group profitability in the first half, and we continue to benefit from the consistent profit generation of our Pipeshield business.
"Overall, these results demonstrate we now have a stronger platform to drive near-term growth and accelerate growth through targeted and potentially transformational M&A."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 42-points at 8,470 shortly after opening this morning.
Brent crude oil futures were down up 0.61%, trading at $82.88 a barrel.
Companies reporting today
Britvic | Q2 Results |
Burberry | Full Year Results |
Compass Group | Q2 Results |
Experian | Full Year Results |
Imperial Brands | Q2 Results |
TP ICAP Group | Q1 Trading Statement |
TUI | Q2 Results |