June 4 (Renewables Now) - Tekmar Group Plc, the UK-based provider of subsea cable protection systems, said today it plans to list on the AIM market of the London Stock Exchange.
The company says it has potential to accelerate its growth in the expanding offshore wind market. It cited Westwood Global Energy forecasts according to which global offshore wind capacity is expected to grow to 102.7 GW by 2026 from 17.1 GW in 2017. According to the announcement, the company benefits from long-term visibility on potential offshore wind farm projects.
In addition to Offshore Wind Farm division, Tekmar has a Subsea division which supplies subsea protection for umbilicals and flexible pipes to the oil and gas market. For the year to March 31, 2018, the group generated a revenue of GBP 21.9 million (USD 29.3m/EUR 25m) and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of GBP 4.9 million.
"Admission to AIM will enhance our profile and brand recognition further in our sectors and allow us to execute our strategy to grow in both existing and new markets and geographies," said chief executive James Ritchie.
The company expects to seek admission to trading this month.
(GBP 1 = USD 1.338/EUR 1.141)