Tekmar Group, the Newton Aycliffe-based provider of subsea protection technology and offshore energy services, has posted full-year results showing a business in recovery mode, with a record order book and growing confidence in the year ahead.

The AIM-listed company reported revenue of £28.7m for the 12 months to 30 September 2025, down from £32.8m the previous year. Adjusted EBITDA came in at £0.1m, compared with £1.7m in FY24. However, the second half of the year told a markedly different story, with a £1.5m swing in adjusted EBITDA from a £0.7m loss in H1 to a £0.8m profit in H2. Gross margins also improved, rising from 29% in H1 to 38% in H2, giving a full-year figure of 34%.

The improvement has been driven by Project Aurora, the restructuring programme launched under CEO Richard Turner, who joined the business in September 2024. The strategy has reorganised Tekmar into two focused divisions: Asset Protection Technology and Offshore Energy Services, with the aim of cutting costs, sharpening commercial focus and better utilising the company’s existing assets.

Record order book

The real momentum, though, has come since the year end. Tekmar has won £43m in new orders since 1 July 2025, building a current order book of £40.7m, the highest since the company joined AIM in 2018. Of that, £26m is already earmarked for delivery in FY26, with a further £15m secured for later years.

The company has also strengthened its balance sheet, selling its Innovation House property in February 2026 for £2.84m net of fees.

Richard Turner, CEO of Tekmar Group, 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.

“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.”

Legacy issues resolved

Tekmar also confirmed it has settled the majority of long-standing defect notifications through commercial agreements, substantially reducing its historical risk exposure. The company stressed there was no admission of liability, no conclusion that its products were at fault, and no cash impact from the settlements.

Leadership and outlook

The company’s senior team is now fully in place following the appointment of Phil Lanigan as CFO in August 2025, alongside the 2024 board refresh that brought in non-executive directors Lars Bondo Krogsgaard and David Kemp.

Tekmar’s technology has been used to protect more than 50 GW of offshore wind capacity across over 120 projects worldwide, and the company also serves oil and gas and marine infrastructure clients globally from its base in the North East, with a presence in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.

The board expects H1 FY26 to come in ahead of H1 FY25, with full-year performance in line with current market forecasts.

Chairman Steve Lockard said: “The Group is now well-positioned to capture the opportunity presented by the favourable prevailing demand across our end markets. We have a strengthening order book and an unprecedented sales opportunity pipeline, centred around our own core IP, and a balanced strategy to capitalise on the growth opportunities ahead.”