Newton Aycliffe-based Tekmar Group is entering a new era of expansion, leveraging a solid year of performance to drive its ambitious growth strategy. With financial results showcasing resilience and strategic focus, the company is now poised to capitalise on emerging opportunities within the global offshore energy markets.
For the financial year ending 30 September 2024, Tekmar recorded adjusted EBITDA of £1.7m, a significant increase from £600,000 in 2023, reflecting strengthened operational efficiency. Revenue came in at £33m, slightly down from £36m, yet profitability indicators showed a marked improvement. Gross profit surged to £10.5m from £8.3m, while operating losses were substantially reduced from £7.9m to £3.8m, highlighting the group’s focus on financial discipline and operational optimisation.
A key milestone during the year was the divestment of Subsea Innovation Limited for a total cash consideration of £1.9m. This strategic move aligns with Tekmar’s commitment to enhancing profitability and sharpening its market focus.
Chief executive Richard Turner, who took the helm in September 2024, expressed confidence in the company’s trajectory. He emphasised that FY24 was a transformative year where the group prioritised high-quality engineering, timely delivery, and stringent commercial discipline. This strategic focus resulted in the highest adjusted EBITDA performance since FY20 and an improved gross margin of 32%.
Looking forward, Turner underscored the unparalleled growth potential in Tekmar’s markets. The company is determined to leverage its industry expertise to drive organic revenue growth, enhance returns through operational efficiencies, and pursue value-accretive mergers and acquisitions. A core objective is to generate strong cash flows, reinforcing reserves and fuelling further expansion.
Tekmar Group plc (LON:TGP) vision is to be the leading provider of technology and services to the global offshore energy markets. The Group’s three primary operating companies are RYDER, Tekmar Energy and Pipeshield International.
