Tekmar Encouraged by Momentum and Record Order Book Despite Revenue Drop
The County Durham-based offshore engineering group Tekmar has expressed optimism in its latest financial results, even as revenues saw a slight decline and the company posted another year of losses. The firm, which specialises in asset protection technology and offshore energy services, released its figures for the year ending September 30, 2025.
Financial Performance Overview
Turnover decreased marginally to £28.7 million, while gross profit fell to £9.8 million. After accounting for exceptional items, depreciation, and other associated costs, Tekmar reported an overall loss of £3.9 million for the year. However, this loss represents an improvement compared to the previous year's financial results.
Strong Order Book and Strategic Progress
Despite the dip in revenues, Tekmar highlighted significant positive developments. The company secured £43 million in new orders since last July and currently boasts a record order book. Additionally, the balance sheet has been strengthened, partly through the sale of its former Innovation House building for £2.8 million.
The firm's strategic initiative, known as Project Aurora, is progressing well. This plan aims to scale the business through a combination of organic growth and strategic acquisitions, while also enhancing financial strength and operational efficiency.
Leadership Perspective
CEO Richard Turner commented on the results, stating, "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."
He added, "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."
The company remains focused on leveraging its strengthened position and robust order pipeline to drive future growth and profitability in the competitive offshore energy sector.
