Newcastle subsea firm reports 40 per cent revenue growth

A Newcastle cabling company has announced revenue growth of 40 per cent for the past year.

Tekmar, which specialises in subsea protection systems for offshore energy markets, said that its revenues for this year will be in line with market expectations.

The company said that its order book also increased by 39 per cent, reaching a record £10m.

James Ritchie, CEO of Tekmar, commented: “I would like to say a big thank you to the team at Tekmar and all our other stakeholders for their resilience, cooperation and support during these challenging times.

“While our growth in the period has been impacted by COVID-19, the demand for offshore wind remains strong.”

Of the coronavirus situation, the company said: “We have implemented home-working for the majority of our office-based staff with full access to the group’s IT systems and split-shifts for our manufacturing team, which has involved a low level of essential furloughing (circa 8 per cent of staff) to ensure effective social distancing.

“Those furloughed will be reinstated at the earliest, safe opportunity.

“As a precautionary short-term measure, discretionary cash preserving initiatives have been put in place, including a freeze on the group’s annual pay review, recruitment and capital expenditure.

“Management is closely monitoring the situation and potential impacts on the group, and are able to take swift action in response to any changes in the evolving situation.”