Tekmar renews existing facilities with Barclays

28th Jul 2023 10:07

(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.