Tekmar Group PLC (AIM:TGP) shares fell almost 9% to 4.79p after it warned that it only expects to achieve an adjusted EBITDA breakeven position this year as delays in customer procurement have pushed some revenue into the next financial year.
The provider of asset protection technology and offshore energy services said order intake in its fourth quarter to 30 September has been strong, but conversion to firm awards has taken longer than anticipated, affecting the second-half outturn.
Revenue and EBITDA are still expected to improve in the second half compared with the first half, when Tekmar reported a £0.7 million EBITDA loss.
CEO Richard Turner said the 2025 financial year had been a "transitionary year" as the business aligned under its Project Aurora strategy.
"Whilst the timing of these awards has been pushed out, impacting the current financial year, the shape of the near-term pipeline remains encouraging and supports our efforts to build a sustainably stronger backlog for FY2026 and beyond," he said.