Tekmar renews existing facilities with Barclays

by | Jul 28, 2023

(Sharecast News) – Offshore energy solutions specialist Tekmar announced the successful renewal of its existing banking facilities with Barclays Bank on Friday.
The AIM-traded firm said the agreement involved the extension of two essential banking facilities.

Firstly, the trade loan facility, previously set to expire, had been extended until 15 June 2024.

The board said the facility enabled Tekmar to access up to £4m, which could be used for supplier payments.

Moreover, the trade loan facility was accompanied by the support of UK Export Finance, adding an additional layer of financial security for both Tekmar and its stakeholders.

Secondly, the renewal also encompassed the extension of the £3m Coronavirus Business Interruption Loan Scheme (CBILs) term loan facility.

The firm said the facility, which would have previously matured, had now been extended by an additional 12 months, prolonging its validity until 31 October 2024.

“The directors also confirm that the group’s financial performance for the current financial year to September remains in-line with management expectations set out in the interim results announced in June,” the board said in its statement.

At 0952 BST, shares in Tekmar Group were up 17.07% at 12p.

Reporting by Josh White for Sharecast.com.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!