Tekmar Group commits to growth plan after order dip

A marine engineer is eyeing takeovers after a £1 million savings plan helped offset weaker demand.

Tekmar Group says it is “continuing to engage with potential acquisition targets”.

Bosses unveiled their intentions after revenue dropped by nearly a quarter to £12.3 million in the six months to March 31, as the business grappled with lower-than-anticipated contract awards.

The blueprint comes just weeks after the firm, based in Newton Aycliffe, County Durham, said it was positioned for “growth like never before” after earnings reached a five-year high.

However, officials say the company, which provides subsea protection systems for cables and umbilicals, is primed to address the slide, with more than £50 million worth of second-half projects in its pipeline.

And they say the effects of an operational restructure – which saved more than £1 million – provides “a leaner cost base and opportunities to invest in growth”.

Richard Turner, chief executive at Tekmar Group, which last month announced a Scottish renewables contract, said: “We remain confident in the strength of our bidding pipeline and expect second-half order intake to be strong.

“We continue to engage with potential acquisition targets and will remain disciplined in our approach as we seek to deliver true scale and diversification.

“We have made solid progress on our strategic plan – strengthening the business and building the platform for sustained growth for 2026 and beyond – and our second-half priorities are to meet financial commitments and win good quality orders.”

The firm also includes Pipeshield, which supplies equipment to protect subsea energy lines, and the Ryder-branded engineering consultancy, which has offices in Newcastle, London and Glasgow.

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