UK offshore specialist Tekmar Group (AIM: TGP) has announced a major contract win and trading update as it continues to build commercial momentum across core energy markets.

Tekmar has secured a contract worth over €8 million with a long-standing Engineering, Procurement and Construction (EPC) customer for a major UK offshore wind farm. The project will see Tekmar supply its 10th Generation Cable Protection System (CPS) and related cable ancillaries, with delivery set for March 2027. Revenues will be recognised across FY26 and FY27.

The deal underscores Tekmar’s strength in engineering and subsea design innovation, applying its in-house expertise to create optimised CPS solutions tailored to project-specific conditions.

Stronger Second Half Performance for FY25

For the financial year ending 30 September 2025, Tekmar expects revenue of approximately £29 million and adjusted EBITDA above breakeven, in line with market expectations. As anticipated, profitability improved in the second half, offsetting an adjusted EBITDA loss of £0.7 million in H1 25.

The company’s net debt stood at £2.8 million at the year end.

During FY25, Tekmar prioritised building a broader and more geographically diverse pipeline. This strategy began to bear fruit in H2, as higher-quality work and stronger order flow supported a material improvement in financial performance.

Record Order Book Fuels Optimism

Since 1 July 2025, Tekmar has secured approximately £29 million in new orders. Its current order book is now 60% higher than the same point last year, marking a record since its 2018 AIM listing.

The business continues to focus on balanced growth across its three key energy markets:

• Offshore Wind: The latest €8 million win follows two key framework agreements announced earlier this year — one with Jan De Nul (supporting TenneT’s 2GW German grid programme) and another with Nexans. These long-term agreements reflect Tekmar’s growing reputation for delivering innovative and reliable subsea protection systems.

• Oil & Gas: In September 2025, Tekmar secured a US$10 million contract to supply cable protection technology for a major offshore project in the UAE. This was followed by a €3.5 million award in November from a leading oilfield services provider in the region. A separate £2 million Middle East pipeline infrastructure contract, announced in July, was also delivered within a short turnaround timeframe.

• Ports & Harbours: A $1.5 million October contract saw Tekmar provide bespoke scour protection and deployment equipment for a new port development. The Board anticipates further growth in this segment, positioning marine infrastructure as a key diversification channel for the Group.

CEO Outlook: Strategic Progress and Financial Discipline

Commenting on the latest contract win and trading outlook, Richard Turner, CEO of Tekmar Group, said:

“We are delighted to have been awarded the contract to support our long-standing relationship with a leading EPC customer through the award of another major UK offshore wind project. This contract reinforces Tekmar’s position as the clear market leader in subsea asset protection, with our technologies protecting more than 50 GW of offshore wind capacity across over 120 projects worldwide.

"This significant contract award helps to underline the momentum we have across our business. We exited FY25 with an improving financial performance and have started the new financial year with several significant contract wins resulting in a current order backlog of £29m. This backlog and the commercial run rate places the Company on a much stronger footing than it was 12 months ago. We are driving greater volume with high-quality work and building a balanced order book across our core end markets. Our growing backlog supports significantly better utilisation and gives us an improved level of revenue visibility for the next 12 to 24 months. Importantly, we can deliver this backlog with our current resources, amplifying the benefits of our operational gearing.

"The market environment supports growth across our technologies and services. Cable manufacturers, for example, are reporting strong financial performance with robust order books and this provides a very positive read-across for our growth and outlook. We are better organised to capture these opportunities with a disciplined approach to costs and cash management and an improving balance sheet. Overall, we are very encouraged by the progress we are making, and we look forward to making continued positive progress as we execute on our strategic plan.”

Investor Presentation on 11 December

Tekmar will host an investor presentation via Investor Meet Company on Thursday, 11 December 2025 at 10am GMT. CEO Richard Turner and CFO Phil Lanigan will provide further insights and answer questions. The event is open to all shareholders and interested investors, who can register here:

www.investormeetcompany.com/tekmar-group-plc/register

Note: All FY25 financial figures are subject to review and audit as part of Tekmar’s year-end process.