Tekmar Group plc (LON:TGP), a leading provider of asset protection technology and offshore energy services, has announced a significant contract award and an update on trading for FY25 and order book development.
Significant €8m contract award
Tekmar has been awarded a contract with an existing Engineering, Procurement and Construction (EPC) customer for a major UK offshore wind farm. The project value is in excess of €8m and the scope of work includes the engineering and supply of Tekmar’s 10th Generation Cable Protection System and associated cable ancillaries. The Group will deploy its in-house engineering expertise and holistic CPS design capabilities to deliver an optimised solution for the project’s specific conditions. Delivery is scheduled for March 2027, with revenue recognition expected across the Group’s FY26 and FY27 financial periods.
Update on trading for FY25 – an improved second half performance
The Board expects to report revenue for the year-ended 30 September 2025 (“FY25”) in the region of £29m and above breakeven adjusted EBITDA. This is in-line with market expectations and reflects the anticipated profit weighting to the second half of FY25 (“H2 25”). A concerted effort was made through FY25 to develop a sustainably larger pipeline of work with a higher degree of both geographical and end market diversification. The benefit of this became increasingly apparent as the second half of FY25 progressed, with adjusted EBITDA for H2 25 showing a material improvement on the H1 25 adjusted EBITDA loss of £0.7m.
As at 30 September 2025, net debt was £2.8m.
Record order book and commercial momentum supports confident outlook
Securing higher volume and a balanced mix of work across Tekmar’s end markets has been a primary objective for the business under the leadership of Richard Turner as CEO. The Board is very encouraged by the order book momentum the team is building and the progress being made.
Increasing order intake. Since 1 July 2025, Tekmar has secured new orders of c.£29m. Order book as at the date of this release is 60 per cent higher than the equivalent period one year ago and a record order book for the Company since its admission to AIM in 2018. These orders will be delivered over the 2026 and 2027 financial years.
Securing high-quality work and a balanced portfolio. The business is maintaining a disciplined commercial approach to projects and, as the volume of work grows, economies of scale give further opportunity for future margin development.
A significant number of contract wins have been secured since the end of June 2025 that demonstrate the balanced growth Tekmar is achieving across its core energy markets including:
– Offshore Wind – The c.€8m contract announced today builds on other milestone agreements announced in recent months. In October 2025, Tekmar announced a framework agreement with Jan De Nul, supporting TenneT’s 2GW programme in Germany. This follows the framework agreement with Nexans, announced earlier in the year. These multi-year agreements reflect Tekmar’s standing in the market and commitment to providing innovative, high-quality solutions that support the success of clients’ complex projects.
– Oil & Gas – In September 2025, Tekmar announced a US$10m contract award to provide cable protection technology for a major offshore energy project in the United Arab Emirates. This was followed by a €3.5m contract award in November 2025 with a leading global oilfield services provider in the Middle East. These contracts evidence Tekmar’s successful focus on broadening its commercial activity in this very active region. Tekmar also delivered a £2.0m contract in the Middle East announced in July 2025 to supply bespoke subsea infrastructure technology for a pipeline project. This also highlights the significant quick turnround work that is available to the Group.
– Ports & Harbours – In October 2025, Tekmar announced a $1.5m contract award for the provision of bespoke engineered scour protection and specialized deployment equipment for a new port development. The Board is anticipating further success in this growing market segment. Ports and Harbours is a significant growth opportunity for the Group, extending its asset protection expertise beyond offshore energy into wider marine infrastructure applications.
Market environment: Tekmar’s growth plans laid out in Project Aurora are underpinned by a prudent forecast of the growing aggregated demand between the three primary existing markets – offshore wind, oil & gas and port & harbour developments. This conservative approach gives the business multiple routes to success in delivering growth in shareholder value.
Excellence in Project Delivery: Tekmar’s leaner cost base and revised organisational structure is positioning the business to capture a sustainably higher volume of work, alongside increased focus and accountability for delivery. Having a larger and more diverse backlog is allowing the Group to utilize its existing available capacity and to deliver higher volumes without significant capital investment.
Commenting on the contract award and the update on trading, Richard Turner, Chief Executive Officer 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.”
