Tekmar Group PLC
29 September 2026
29 September 2026
Tekmar Group plc
(“Tekmar”, the "Company" or the "Group")
Trading update, €6 million contract extension & working capital facility
Tekmar Group plc (AIM: TGP), a leading provider of asset protection technology and offshore energy services, provides the following update on current trading for the year ended 30 September 2026 (“FY26”), together with details of a €6 million contract extension and working capital facility.
Current Trading and FY2026 Outlook
At the announcement of the Group’s interim results on 18 June 2026, Tekmar stated that the Company was on track to deliver stronger second half revenue and profit performance vs. FY25 despite the impact and continued uncertainty caused by the events in the Middle East.
The Group is pleased to report that trading volumes in the second half of FY26 have continued to grow, resulting in the Company delivering higher revenues than in H1 2026 and in the equivalent period in 2025. This was reflected in the ramp up in UK based manufacturing, resulting in better utilisation, as planned, with the order book pivoting to European offshore renewables projects in H2 2026. Accordingly, the Group expects to report revenue in FY26 being more than 20% up on FY25.
However, while trading momentum and the overall trajectory remains positive, the pace of growth in near-term volumes and revenues in H2 2026 has been slower than anticipated, with some trading volumes now expected to be realised after the FY26 year end.
This change reflects the prolonged nature of the conflict in the Middle East and some supply chain constraints within the UK. In the Middle East, the conflict has resulted in some Q4 FY26 work scopes and awards being deferred, alongside added logistical challenges and costs. In the UK, some material planned deliveries were pushed into October, due to a power outage at a supplier’s facility, resulting in the associated revenue now being recognised in FY27.
As a result of these challenges, the Company anticipates adjusted EBITDA in the second half of the year to be broadly similar to the second half of 2025, with FY26 adjusted EBITDA up on FY25 and FY26 H2 Profit After Tax nearing breakeven.
Despite these disruptions, the Company’s order book continues to strengthen, in-line with Project Aurora. Due to the €6 million contract extension being announced today, and other smaller contract wins, the Company expects to enter FY27 with an order book more than 50% higher than at the start of FY26, supporting higher future revenue targets and giving longer term visibility into 2028 and beyond.
Contract extension
The Company is pleased to announce the award of a €6 million contract extension for a European offshore wind project. Under the contract, Tekmar will supply CPS and associated accessories, together with specialist engineering, analysis and design services delivered by its in-house team. Manufacturing will be undertaken at Tekmar’s facility in Newton Aycliffe.
The contract, which is subject to the project’s Final Investment Decision (“FID”), currently expected in Q1 FY27, also includes an option for the project’s second phase, with a broadly similar scope and value. This option is additional to the announced Phase 1 award and is subject to exercise by the customer and Phase 2 FID.
This award is further evidence of the ongoing momentum across the business, the strength of Tekmar’s customer relationships and confidence in its integrated CPS offer and demonstrates the success of the Company’s focus in developing a sustainably larger and more diverse sales pipeline, in-line with driving volume and supporting higher returns from invested capacity across its UK operations.
It also shows progress on key initiatives within Project Aurora to deepen customer relationships and increase the value delivered across the project lifecycle, by providing a more integrated engineering and asset protection offer. It is an approach that enables the Company to optimise designs and reduce risk for developers.
Working Capital Facility
In-line with ongoing momentum in the project pipeline and in support of project delivery, the Company has secured a further £4m working capital facility, supplementing the existing UKEF backed trade loan with an invoice discounting facility.
The working capital facility will provide greater flexibility to support sales growth in the European offshore wind market where individual project sizes have grown significantly, thus enabling efficient management of production schedules to maximise operational efficiency and utilisation of the Group’s manufacturing assets.
The Group has continued to make progress in balance sheet development and funding to support its growth. This included replacing the £3m CBILS loan with an amortising £2m GGS loan in October 2025, the disposal of an investment property for £2.8m in February 2026, an increase in the guarantee facility and the additional working capital facility in September 2026.
Richard Turner, CEO of Tekmar Group, commented:
“We continue to build momentum and diversity with our orderbook, which will add to revenue visibility in FY27 and beyond. The ongoing conflict in the Middle East has caused disruption and logistical challenges, but despite its impact, Tekmar remains well positioned to provide full lifecycle support to global offshore energy and marine infrastructure projects. The overall direction of travel for the business remains positive, as reflected in the growing orderbook, in-line with our plans under Project Aurora.”
Enquiries:
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Tekmar Group plc Phil Lanigan, CFO
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Via Celicourt Communications
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Cavendish Capital Markets Limited (Nomad and Broker) Neil McDonald Pearl Kellie
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+44 (0)131 220 9771 +44 (0)131 220 9775 |
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Celicourt Communications (Financial Media & Investor Relations) Philip Dennis Sophie Brand Kristina Qevani
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+44 (0)20 7770 6424 |
About Tekmar Group plc
Tekmar Group plc is a leading provider of asset protection technology and offshore energy services, supporting the global energy transition and marine infrastructure markets.
Operating across two core divisions — Asset Protection Technology and Offshore Energy Services — the Group delivers proprietary, engineering-led solutions that protect, stabilise and extend the life of critical offshore assets, including offshore wind farms, subsea interconnectors, oil and gas infrastructure, and ports and harbours.
With 40 years of experience, Tekmar has delivered asset protection and stabilisation solutions to more than 120 offshore wind projects across 25 countries, supporting over 50GW of installed capacity globally. The Group has deployed over 12,000 cable protection systems, supplied more than 100,000 subsea stabilisation products, and delivered in excess of 300,000 geotechnical and analysis hours, underpinned by a team of specialist engineers across multiple disciplines.
Through continuous innovation and scalable engineering and manufacturing capability, Tekmar supports increasingly complex offshore energy and marine infrastructure developments worldwide.
Headquartered in Newton Aycliffe, UK, Tekmar Group operates internationally with offices, manufacturing facilities, strategic supply partnerships and representation across Europe, Africa, the Middle East, Asia- Pacific and North America.
For more information visit: https://tekmar.co.uk/
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