The County Durham offshore engineering group says it is seeing positive signs
Offshore technicians assembling Tekmar’s patented TEKLINK cable protection system during offshore installation on an offshore wind farm(Image: Unknown)
Offshore energy group Tekmar says it is encouraged by its latest results, despite seeing a drop in revenues and another year of losses.
The County Durham-based firm, which provides asset protection technology and offshore energy services, has released results for the year ending September 30 2025.
They show turnover falling slightly to £28.7m, while gross profit fell to £9.8m. After taking into account exceptional items, depreciation and other costs, Tekmar reported an overall loss for the year of £3.9m, though this was less than last year’s losses.
But Tekmar said that £43m of new orders since last July and currently had a record order book. It said its balance sheet had been strengthened, including by the sale of its former Innovation House building for £2.8m.
The company said its Project Aurora plan to scale the business through both organic growth and acquisitions, and to improve its financial strength, was progressing well.
CEO Richard Turner said: “FY25 has been a pivotal and highly productive year for Tekmar as we launched and started to execute on Project Aurora. The group delivered results in line with market expectations, alongside a material improvement in profitability in the second half.
Richard Turner, CEO Tekmar Group plc(Image: Tekmar Group plc)
“We are pleased to have been able to maintain our momentum post period end – in the first four months of FY26 we have delivered a record order book, with multi-year visibility and have unlocked further growth potential by significantly strengthening our balance sheet.
“We are encouraged by the strong start to the new financial year and healthy pipeline we see ahead of us and are focused on delivering sustained, profitable growth and enhanced value for shareholders.”