Tekmar Group set for 'growth like never before' after posting strong earnings boost

Bosses at offshore specialist Tekmar say its markets are aligned “for growth like never before” after seeing its earnings rise to the highest level in five years.

Based in Newton Aycliffe, Tekmar Group offers technology, services and products to customers around the world, with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.

Last December, newly appointed CEO Richard Turner announced a three-year plan to transform Tekmar and realise its potential, after seeing headwinds which have impacted offshore renewables and the conventional energy markets subsiding.

Now the firm has issued full year result for the year ended September 2024, highlighting a year of stabilisation. Revenues were £32.8m, down on the previous year’s £35.6m, but adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) was £1.7m, up from £600,000. Its operating loss was reduced from £7.9m to £3.8m in the year, a figure it said reflected the successful execution of the group’s profit improvement plan, having worked through a remaining low margin b