Tekmar Group plc (AIM: TGP), a leader in offshore energy technology and services, has revealed a refreshed strategic plan aimed at driving growth and strengthening its market position. The update follows the appointment of Richard Turner as CEO in September 2024, a pivotal move as the company looks to capitalise on improving conditions across the offshore energy sector.
Richard Turner, Tekmar’s CEO, expressed confidence in the Group’s future:
“Having worked across the oil and gas and offshore wind markets for more than 15 years, my enthusiasm for the opportunity we have ahead of us at Tekmar has only been strengthened by my initial weeks as CEO. We have differentiated technology that sets us apart in the market, supporting offshore energy projects through every phase, from design to decommissioning. Tekmar’s know-how, industry expertise, and leading technology position us uniquely in a rapidly evolving market.”
Tekmar’s performance for the year ending September 2024 showed resilience, with revenues expected to be approximately £32 million and adjusted EBITDA rising to £1.8 million, a notable improvement from the previous year. The company attributes this to an increased focus on higher-margin contracts and disciplined project execution.
Turner highlighted the challenges that have impacted the offshore wind sector in recent years, including rising material costs and market instability. However, he pointed out that many of these headwinds are now subsiding, creating opportunities for Tekmar to expand its order book and deliver stronger performance in the years ahead.
The new strategic plan emphasises organic growth through greater operational efficiency and a focus on innovative technologies, including offshore grouting and advanced engineering services. Turner also acknowledged the importance of Tekmar’s ambitious acquisition strategy to scale operations and diversify its offerings, supported by experienced new leadership on the Board.
Looking forward, Turner outlined a vision for Tekmar to not only support the global energy transition but also deliver sustainable value for its shareholders. He described 2024 as a transitionary year, with a strong foundation laid for future growth.
“2025 is where we underpin the foundations of growth, focusing on backlog expansion to support sustained and profitable growth in the years to follow. The scale of the opportunity ahead of us is significant, and with our structured growth plan and strategic acquisitions, we are well-positioned to unlock Tekmar’s full potential.”
With a clear roadmap in place, Tekmar aims to establish itself as a key player in the rapidly evolving offshore energy market.