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Tekmar revenue drops 10%; to reorganise busines
StockMarketWire.com
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Undersea cable protection group Tekmar said it expected to report a 10% drop in first-half revenue owing to Covid-19 disruptions.
Tekmar also announced that it would provide details in early December of a business reorganisation plan designed to deliver cost savings.
The company said it had experienced some short-term delays in contract awards and order intake in the six months through September due to the pandemic.
'Notwithstanding the disruption to project timings, the visibility of the project pipeline is strong and opportunities in the offshore energy market continue to grow and the focus is now on positioning the group to maximise on this potential,' it said.
Tekmar said it was seeing increasing competition in offshore wind, its core market, but expected to retain its market position with investment in product development.
New chief executive Alasdair MacDonald would outline the reorganisation plan on 1 December.
Story provided by StockMarketWire.com
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