Newton Aycliffe-based Tekmar Group has reported a strong improvement in trading after increasing revenue, reducing losses and securing a record order book worth more than £30 million.

The offshore engineering specialist said performance during the six months to 31 March 2026 reflected growing commercial momentum and continued progress under its Project Aurora transformation strategy.

Revenue increased by 31 per cent to £16.2 million, up from £12.3 million in the same period last year, while adjusted EBITDA returned to positive territory at £0.1 million compared with a loss of £0.7 million a year earlier.

The company also reported improved margins, with gross margin rising to 30.5 per cent from 28.7 per cent, while its loss after tax narrowed to £1.1 million from £2.7 million.

Tekmar secured £29.5 million of new orders during the period, almost three times the £10 million recorded in the first half of the previous financial year. The business has now secured more than £50 million of new orders since July 2025.

The company said its current order book of around £30 million provides strong visibility for the second half of the financial year and into FY27.

Recent contract wins include major offshore wind projects in Europe worth more than £20 million, with much of the associated revenue expected to be delivered during the second half of FY26 and beyond.

Tekmar said activity during the period was weighted towards the oil and gas sector, while growth in offshore wind is expected to accelerate as recently secured contracts move into delivery.

The company also strengthened its balance sheet through the refinancing of banking facilities and the sale of Innovation House in February 2026 for £2.84 million net of fees.

Richard Turner, chief executive officer, said: “The business performed well in the first half of this year, delivering a material improvement in year-on-year profitability consistent with our guidance. We are encouraged by the continued progress we are making in delivering on the Project Aurora strategic plan.

“The reorganisation and refocus of the ‘front end’ of our business combined with improved commercial effectiveness has enabled the Group to operate with a record level of work, increased utilisation, improved visibility and a stronger balance sheet.

“The ongoing impact of events in the Middle East has had some disruption to projects and supply chain in the region. Despite this, the Board anticipates strong revenue and profit delivery in the second half as we continue to build our improved revenue visibility into FY27.

“This momentum, together with the healthy pipeline we see ahead of us, supports our confidence in delivering sustained, profitable growth and enhanced value for shareholders.”

Despite some project delays linked to ongoing disruption in the Middle East, Tekmar said it expects a material improvement in full-year performance, supported by a strong pipeline of opportunities across offshore wind, oil and gas, and marine infrastructure markets.