Marine engineer eyes takeovers in growth plan

A marine engineer is eyeing takeover targets after a “transitionary” year.

Tekmar Group says it has laid a “platform for sustained growth” with talks taking place over potential acquisitions.

The blueprint comes against order delays, which have pushed a portion of revenue into its 2026 financial year and leaves latest annual adjusted EBITDA set to break even.

However, bosses said the firm, based in Newton Aycliffe, County Durham, remains poised for growth, with strong demand backed by the impact of a turnaround plan.

Speaking in a trading update for the year to September 30, they said the company, which provides subsea protection systems for cables, umbilicals and pipes, was benefiting from tighter cash control and reorganisation of its divisions that include an energy services arm.

Richard Turner, chief executive at Tekmar Group, which earlier this summer revealed a £2 million Middle East gas supply deal, said: “The 2025 financial year has been transitionary for the business.

“We continue to see strength in our inquiry pipeline, which supports a very healthy near-term bidding pipeline for the remainder of 2025 and into 2026.

“While the timing of these awards has been pushed out, impacting the current financial year, the shape of the near-term pipeline remains encouraging.

“We remain confident we will translate the healthy pipeline into good quality orders, addressing the underutilisation in the business and building the platform for sustained growth for 2026 and beyond.”

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