Tekmar renews banking facilities with Barclays

4th Jul 2024 15:11

(Sharecast News) - Offshore energy markets technology provider Tekmar Group announced the renewal of its existing banking facilities with Barclays Bank on Thursday.

The AIM-traded firm said the current trade loan facility, which remained available to it, had its next annual review scheduled for June 2025.

It said the facility, amounting to up to £4m, could be drawn against supplier payments and was supported by UK Export Finance.

Additionally, the £3m Coronavirus Business Interruption Loan (CBILS) facility had been extended by another 12 months, now maturing in October 2025.

As of 30 June, Tekmar Group held £2.8m in cash and had net debt of £4m.

At 1309 BST, shares in Tekmar Group were down 0.51% at 9.7p.

Reporting by Josh White for Sharecast.com.

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